18 Nov 2013
Flash: EUR/USD, convincing break above 1.35 allows 1.3630 - BBH
FXstreet.com (Barcelona) - The US dollar looks vulnerable to additional losses, notes Marc Chandler, Global Head of Currency Strategy at BBH, with technicals having soured in the last days of the last week, Chandler added.
Key Quotes
"The euro has recorded higher lows for six consecutive sessions It tested the $1.35 in the second half of last week, but did not manage to close above t it. This corresponds to a retracement objective of the nearly 5.5 cent decline beginning Oct 25."
"Assuming this level is convincingly breached, we see scope for the euro to rise 1% next week toward $1.3630. A move below $1.34 would weaken the outlook, but it probably requires a close below the 100-day moving average, which held on this basis, despite some intra-day penetration recently. It is near $1.3365 now."
Key Quotes
"The euro has recorded higher lows for six consecutive sessions It tested the $1.35 in the second half of last week, but did not manage to close above t it. This corresponds to a retracement objective of the nearly 5.5 cent decline beginning Oct 25."
"Assuming this level is convincingly breached, we see scope for the euro to rise 1% next week toward $1.3630. A move below $1.34 would weaken the outlook, but it probably requires a close below the 100-day moving average, which held on this basis, despite some intra-day penetration recently. It is near $1.3365 now."