EUR: Trading with a slight downside bias - BBH

Analysts at BBH note that the euro is trading with a slight downside bias and a break of $1.1150-$1.1160 could squeeze more momentum players and spur losses toward the $1.1080-$1.1100.  

Key Quotes

“Option expiries today include $1.1140-$1.1150 (~1.5 bln euros).  The dollar is in narrow ranges against the yen (~JPY111.75-JPY112.05).  There is a large (~$2.55 bln) JPY112.0 strike that expires today.  The intraday technicals warn that it will likely be a fight there today. “

“Sterling is wrestling with the New Zealand dollar for the top position today, but it has so far been unable to resurface above $1.30.  Although the low in sterling is debatable, 38.2% retracement of the sell-off since last year’s referendum (according to Bloomberg) is found near $1.3055.  Thus far this has capped the resurgent pound.”