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Forex Flash: The significance of EUR holding $1.2980-3000 – BBH

By FXstreet.com,  January 07, 2013, 02:56:00 AM EDT

FXstreet.com (Barcelona) - Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman feels that the fcat that Euro held at the $1.2980-3000 region is important and corresponds to retracement objectives and the 50 day MA.

He comments that it is also where the trend line drawn off from late July, Draghi inspired low and the early November low comes in. The recovery on before the weekend was also constructive. He notes that it is true that the 5 day MA has moved below the 20 for the first time since the third week in November. However, he writes, "We suspect that it is giving a false sell signal, generated by the sharp losses in a few days. A move back above $1.3115 would strengthen our confidence and a move above $1.3150 would set up for another test on the $1.33 area."




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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