EUR/USD: RSI and MACDs are consistent with losses - BBH
|Analysts at Brown Brothers Harriman explained that the euro peaked on February 2 near $1.0830 and trended lower through February 15 when it reached almost $1.0520.
Key Quotes:
"It reversed higher and reached nearly $1.0680 the following day."
"This is five hundredths of a penny beyond the 50% retracement objective of the decline in the first half of February."
"However, sellers emerged ahead of the weekend and pressed the euro back to nearly $1.06. It may prove sticky around $1.0580, and a break of $1.0520 is needed signal the next leg lower, toward $1.0450 initially and then the low seen in December and January in the $1.0340-$1.0350 area. "
"The RSI and MACDs are consistent with losses, though the Slow Stochastics have levelled off in over-extended territory."
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