14 Oct 2013
Flash: Looking for evidence EUR/USD has peaked - BBH
FXstreet.com (Barcelona) - Following its downmove off 1.3650 on Oct 3, the market will be looking for additional clues as to understand whether the latest slide is a mere correction or a deeper retracement can develop.
According to Marc Chandler, Head of Currency Strategy at BBH: "If the euro peaked in early Oct just below $1.3650, it should now ideally hold below $1.3580. It can fray the downtrend line and probe near $1.3600, without really improving the technical tone."
On the downside, "the euro has flirted with its 20-day moving average, but has yet to close below since Sept 10; it is found near $1.3515 on Monday. If our negative view is right, the euro can move toward our initial target near $1.3400" Chandler said.
According to Marc Chandler, Head of Currency Strategy at BBH: "If the euro peaked in early Oct just below $1.3650, it should now ideally hold below $1.3580. It can fray the downtrend line and probe near $1.3600, without really improving the technical tone."
On the downside, "the euro has flirted with its 20-day moving average, but has yet to close below since Sept 10; it is found near $1.3515 on Monday. If our negative view is right, the euro can move toward our initial target near $1.3400" Chandler said.