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Euro May Fall on Head-Shoulders, BofA Says: Technical Analysis

The euro may experience medium-term weakness versus the dollar and pound as it approaches key levels of resistance against the two currencies, according to Bank of America Corp., citing technical indicators.

The 17-nation currency may fall to its lowest level since Dec. 10 if it fails to breach a resistance zone from $1.3487 to $1.3603, MacNeil Curry, head of foreign-exchange and interest-rates technical strategy at Bank of America Merrill Lynch, wrote today in a client note. It might reverse or pause versus sterling at the 85.33 to 85.93 pence-per-euro level, he said.