10 Feb 2014
Flash: EUR/USD can work higher while above 1.3440/50 - BBH
FXStreet (Bali) - As long as EUR/USD can hold support in the 1.3540-50 area, the exchange rate can work higher, notes Marc Chandler, Global Head of Currency Strategy at BBH.
Key Quotes
"There are a few levels on the upside to bear in mind. First, $1.3640 area corresponds to a 61.8% retracement of the move down from the January 24 high near $1.3740 and to a 38.2% retracement of the move from last year's high set on December 27 just below $1.39. The trend line connecting both those highs comes in near $1.3655 on Monday and falls to $1.3625 at the end of the week. Above there the $1.3740 high beckons."
Key Quotes
"There are a few levels on the upside to bear in mind. First, $1.3640 area corresponds to a 61.8% retracement of the move down from the January 24 high near $1.3740 and to a 38.2% retracement of the move from last year's high set on December 27 just below $1.39. The trend line connecting both those highs comes in near $1.3655 on Monday and falls to $1.3625 at the end of the week. Above there the $1.3740 high beckons."