Published: 2/19/2018 8:07:00 AM
Analysts at BBH suggest that 1.26 is a key area for the euro.
“There are two important technical levels. First, it is the last major retracement objective of the euro's down move that began in mid-2014. Second, it is where a downtrend from the record high (2008 ~$1.60) is to be found.”
“A convincing move above there would likely spur action by some of the structural long dollar positions. Technically, a move to $1.32-$1.35 would seem likely, if not a bit higher. The OECD's PPP model puts fair value near $1.33.”
“Speculators in the futures market have already begun taking liquidating long euro positions. The week ending February 13 was the third in a row that the gross long position was trimmed. The gross shorts eased 7k to about 103.5k, they have been fairly steady in a narrow around 100k.”
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