The EUR/USD reversal form 1.3904 and subsequent break of the 1.3820 pivot warns that the tide is turning in favor of the USD, notes Bank of America Merrill Lynch. "Indeed, evidence continues to favor a developing medium term, potentially long term, top and turn lower," BofA adds. "HOWEVER, a lot more needs to be seen before we would be willing to step up and act," BofA warns. "Specifically, bears need a break of 1.3708/1.3619 to gain control. Such a break would expose 1.3104 ahead of 1.2777/1.2685 and eventually below," BofA clarifies. "HOWEVER FOR NOW BEARS MUST STAY PATIENT," BofA advises. Meanwhile, BofA thinks ... (full story)