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.”
Author
Sandeep Kanihama
FXStreet Contributor
Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.
