EUR: Approaching the support level – BBH
Analysts at BBH point out that the euro is approaching initial support seen in the $1.1840-$1.1865 area after it peaked yesterday near $1.1960.
“A break of $1.1800 would be technically important. Sterling, like the euro, appears to have traced out a reversal candlestick pattern-shooting star-and there is also follow modest follow-through selling today. Sterling briefly poked above $1.3380 yesterday and is off nearly a cent from it. However, the intraday technical studies suggest the $1.3280 may offer reasonable support. Note that there is a GBP248 mln option struck at $1.33 that expires today.”