EUR/USD extends rally to 1.1537, BofA warns of choppy phase ahead

EUR/USD advanced 43 pips to 1.1537, continuing its recent bullish momentum as dollar weakness persisted across major pairs. Bank of America technical analysts cautioned that while the uptrend remains intact, the rally may be entering a choppier consolidation phase. Key resistance levels identified include 1.1550 (psychological level) and 1.1580 (November 2023 high), while support has formed at 1.1500 and 1.1470. The euro's strength reflects improving risk sentiment and expectations of diverging monetary policies between the ECB and Fed. BofA suggests traders should prepare for increased volatility and potential pullbacks within the broader uptrend. The pair's ability to hold above 1.1500 will be crucial for maintaining bullish momentum. Short-term traders might consider range-trading strategies between 1.1500-1.1580, while trend followers should watch for a decisive break above 1.1580 to target 1.1650.