Forex Flash: EUR/USD, recovery above 1.3150 exposes 1.33 - BBH
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EUR/USD
FXstreet.com (Barcelona) - The fact that the euro held the $1.2980-$1.3000 area post NFP is important, notes Marc Chandler, Global Head of Currency Strategy at BBH, "as it corresponds to retracement objectives and the 50-day moving average" he adds.
The bounce before market's close on Friday was also constructive, Marc says, which enhances the chances that EURUSD "is giving a false sell signal, generated by the sharp losses in a few days" the analyst writes. Recovery past the $1.3115, according to Marc, "would strengthen our confidence and a move above $1.3150 would set up for another test on the $1.33 area."
The bounce before market's close on Friday was also constructive, Marc says, which enhances the chances that EURUSD "is giving a false sell signal, generated by the sharp losses in a few days" the analyst writes. Recovery past the $1.3115, according to Marc, "would strengthen our confidence and a move above $1.3150 would set up for another test on the $1.33 area."
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