EUR/USD: 'Beware Of Bull Trap Risks': Key Levels To Watch - BofAML

Bank of America Merrill Lynch Research discusses EUR/USD technical outlook and warns from bull trap risks.
"As with all breakouts, traps or whipsaws are a risk. Many eyes seem to be watching the EUR/USD and this 1.2092-1.21 area.
If the following price action occurs, it could be a bull trap.
 If we soon see a weekly close above 1.21 followed by an adjacent weekly close below 1.20, then a technical decline would be signaled," BofAML notes.