EUR/USD: Merrill Lynch's quantitative analysis gives a sell signal on the pair

According to the quantitative MAA breadth model, Merrill Lynch notes that the USD is strengthening significantly on the forex, offering a EUR/USD sell signal at 1.0629.

"For the first time since November 2015, the USD rally has regained its largest breadth. According to the MAA, the USD rises against all G10 currencies. In addition, according to our time analysis, the USD strengthens especially during local hours, as it did in 2014. Historically, the USD MAA has reached its maximum width only 53 times since 1985. In 57% of all cases, the EUR/USD declined in the following week."