21 Nov 2013
Flash: EUR/USD technical tone deterioration - BBH
FXstreet.com (London) - A research team at BBH said the euro initially extended yesterday's losses, but found a bid near $1.3400, which corresponds to a 61.8% retracement of the rally since the ECB's rate cut.
Key Quotes:
“Resistance now is seen in North America around $1.3440 and $1.3470”.
“Yesterday's losses, with the euro having initially traded above Tuesday's highs finished well below Tuesday lows, reflect a deterioration of the technical tone”.
“The fundamental tone has been undermined by the flash PMI readings. The EMU flash composite PMI slipped to 51.5 from 51.9, the second consecutive decline. This is a function of the unexpected weakness of the French readings and warns of some risk that the second largest economy in the euro area may be contracting here in Q4”.
Key Quotes:
“Resistance now is seen in North America around $1.3440 and $1.3470”.
“Yesterday's losses, with the euro having initially traded above Tuesday's highs finished well below Tuesday lows, reflect a deterioration of the technical tone”.
“The fundamental tone has been undermined by the flash PMI readings. The EMU flash composite PMI slipped to 51.5 from 51.9, the second consecutive decline. This is a function of the unexpected weakness of the French readings and warns of some risk that the second largest economy in the euro area may be contracting here in Q4”.