3 Sep 2013
Flash: EUR/USD targets 1.3100 – BBH
FXstreet.com (Lisbon) - The uptick in the euro area manufacturing PMI yesterday failed to lend the EUR/USD much support – it traded inside last Friday's range yesterday and has broken down to new six-week lows, notes the BBH Currency Strategy Team.
Key quotes
“Recall that the EUR/USD had rallied from near 1.2755 in early July to 1.3450 in the second half of August on the back of portfolio flows and the reflation story and new speculative longs. In the second half of last week the technical condition had deteriorated.
“The break below 1.3180-1.3200 may be significant if sustained. The next target is near 1.3100 and then 1.3020.”
Key quotes
“Recall that the EUR/USD had rallied from near 1.2755 in early July to 1.3450 in the second half of August on the back of portfolio flows and the reflation story and new speculative longs. In the second half of last week the technical condition had deteriorated.
“The break below 1.3180-1.3200 may be significant if sustained. The next target is near 1.3100 and then 1.3020.”