European equities are setting up for another leg lower, notes Bank of America Merrill Lynch. "The impulsive decline from the June highs in the Euro Stoxx 50 Index and the broader Head and Shoulders Top in the Euro Stoxx Banks index say their near-term, potentially medium-term, trends (but NOT their long-term trends) have turned bearish (see charts for levels)," BofA projects. This, according to BofA, is bearish EUR/USD. "However, in the verry near term, EUR/USD is at risk of a squeeze higher,given the completing intra-day Elliott wave counts and bullish momentum divergences," BofA warns. "In the sessions ahead, ... (full story)