Euro: Consolidating within a range – BBH

By FXStreet FXStreet (Delhi) – Research Team at BBH, notes that the euro has spent the month since the ECB meeting consolidating in a $1.08-$1.10 trading range and while it has made two serious efforts to break to the topside but has been repulsed both times.

Key Quotes

“The euro finished last week below its 20-day moving average for the first time since December 2, and the five-day moving average is set to slip below it on Monday. The RSI is curling over, and the MACDs are crossing over to the downside.”

“Just like the $1.10 level was flirted with some minor penetration, the same may happen near $1.08. That said, a convincing break could quickly see $1.0730, and perhaps another run at the at $1.05. It likely requires a US jobs growth above 200k and a strong rise in average hourly earnings.”
For more information, read our latest forex news. …read more

Source:: FX Street