EUR/USD has a chance of bottoming or staging a larger bounce at 1.08 – BofA

EUR/USD lost more than 100 pips on Thursday and stays on the back foot near 1.1050. Economists at Bank of America sees scope for a bottom pattern in the making.

Since 1999 in April the euro had little seasonal tendency

"We continue to view the 1.08s as a place where the euro has a chance of bottoming or staging a larger bounce than most may anticipate.” 

"Since 1999 in April the euro had little seasonal tendency, it was weaker in May 61% of the time and stronger in June 61% of the time."