EUR/USD: a sustained break of the $1.2155 area is needed to confirm a top - BBH
|Analysts at Brown Brothers Harriman explained that the euro was slightly softer for the second consecutive week.
Key Quotes:
"ECB's Draghi and Praet's insistence on continued patience (with the current monetary settings) coupled with a slight downward revision to the February CPI (1.1.% from 1. 3% in January and an initial estimate of 1.2%) weighed on the euro over the past three sessions.
Still, the euro is up a cent since the start of March. The trendline we identified last week, drawn off the February 2 high held on the mid-week test, which increases its significance. It is found near $1.2345 at the end of next week. The technical indicators are not generating a strong signal but seem to favor some more softness. The $1.2250-$1.2270 offers initial support, while a sustained break of the $1.2155 area is needed to confirm a top."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.