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10 Mar 2013
Forex: EUR/USD opens below 1.30, targets 1.2880 - BBH
The Euro/US Dollar opens a new week of trading around 1.2990, 30 pips off the multiple-tested 1.2960-65 demand area, also low of the year, following Friday's improved US NFP data, which saw the pair taken lower from 1.3130 week high as traders piled into the USD on anticipation that the jobs number bring the Fed's QE tapering somewhat closer.
According to March Chandler, Global Head of Currency Strategy at BBH: "Our fundamental and technical analysis suggest additional US dollar gains are likely, with next target near $1.2880 and over the slightly longer-term a return to the mid-November low near $1.2680. The caveat is more often than not in recent weeks, the euro moves in the opposite direction (NY close to NY close basis) on Monday than it did on the preceding Friday. We suspect the $1.3050-70 area should offer initial resistance."
According to March Chandler, Global Head of Currency Strategy at BBH: "Our fundamental and technical analysis suggest additional US dollar gains are likely, with next target near $1.2880 and over the slightly longer-term a return to the mid-November low near $1.2680. The caveat is more often than not in recent weeks, the euro moves in the opposite direction (NY close to NY close basis) on Monday than it did on the preceding Friday. We suspect the $1.3050-70 area should offer initial resistance."