EUR: Finished on its lows last week - BBH

Analysts at BBH explain that the euro lost 1.35% last week and finished on its lows as it peaked a little above $1.09 at the start of last week and finished a little above $1.0650.  

Key Quotes

“Somewhat better news from the US, while Eurozone inflation plummeted, with the core rate falling nearly back to its trough took it toll. The MACD and Slow Stochastics have turned down.  The euro closed below its 20-day moving average for the first time since March 3.  The five-day average may push below the 20-day average in the week ahead.”

“By the end of last week, the euro retraced 61.8% of its gains since March 2 dip below $1.05.  It was found near $1.0650.  Below there, and we would target the $1.0560-$1.0575.    Resistance, we would peg near $1.07.”