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Forex Flash: EUR/USD next down side target is 1.2680 – BBH

With EUR/USD still above the 1.28 handle amid current Italy uncertainty in the political field, Global Head of Currency Strategy at Brown Brothers Harriman Marc Chandler notes: “The next down side target is $1.2680, which corresponds to a retracement objective of the euro's rally sparked by ECB Draghi's comments in late July 2012,” the analyst says, adding: “We remain concerned that from a technical perspective the euro is stretched. The new four month lows were not confirmed by the RSI. Perhaps the 5-day moving average may offer some guidance,” he adds.
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