EUR/USD: at an important technical level - BBH

Ross J Burland FXStreet

Analysts at Brown Brothers Harriman explained that the euro has risen for four consecutive weeks to approach an important technical area.

Key Quotes:

"The $1.0980 area is the 50% retracement of the decline from last year's high, which was set in early May a little above $1.16. For the record, the 61.8% retracement is found near $1.1130. Second, downtrend line is drawn off that May 2106 high and the spike from the US election. It comes into near $1.1010 early next week, falling about two ticks (one-hundredths of a penny). If it is a measuring gap, which takes place half way through a move, then the price objective would also be near $1.10.

The technical indicators are stretched, but only the Slow Stochastic is set to move lower. The MACDs are consistent with additional gains. The RSI is firm but below the high from the end of last month."

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Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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