EUR/USD remains vulnerable – BBH

The FX research team at BBH noted the single currency remains under pressure in the short term.

Key Quotes

“The euro recorded a reversal pattern on June 9 by trading on both sides of the previous day's range and finishing the North American session below the previous day's lows”.

“That drop retraced 38.2% of the euro's bounce since May 30 to bring the euro a little below $1.13. Before the weekend, the euro met the 50% target at $1.1260. The 61.8% retracement is found near $1.1220”.

“The 20-day moving average is found comes in around $1.1240. Also, the trendline drawn from the early December low etched by disappointment that what the ECB delivered was not what Draghi's rhetoric indicated, through the early-March lows, and catching the recent lows.  It is found near $1.1165 by the end of next week”.