EUR has approached an important technical milestone – BBH
|Analysts at BBH points out that the euro has tested, backed off, and has again approached an important technical milestone around $1.0820-$1.0830 which corresponds to the 50% retracement of the sell-off since the US election.
Key Quotes
“It is also where the euro peaked in early February. The early December high was near $1.0875, and the 61.8% retracement $1.0935. The MACDs and Slow Stochastics are getting stretched. In this situation, be on the lookout for a reversal pattern that would turn the indicators lower. In terms of levels, $1.07 looks significant, and the euro has not traded below it since the Fed hiked, and the populists were denied the reins of power in the Netherlands.”
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