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Forex Flash: EUR/USD next upside target near 1.3115 - BBH

FXstreet.com (Barcelona) - The US Dollar Index reversed lower on Friday, after being faced with weekly supply area at 83.50, which was rejected to the pip on the first test since July 2012.

According to Marc Chandler, Global Head of Currency Strategy at BBH, "a break now of the 81.70-82.00 band would suggest a deeper correction has begun that could carry it to around 80.70, initially."

Marc adds: "The Dollar Index is heavily weighted toward the euro, so it is not surprising that technically, the euro looks constructive." Next upside target comes near $1.3115, he says.

"Although common this year for the euro to move in the opposite direction on Monday from the previous Friday, this constructive technical tone is likely to be maintained, provided the $1.29 holds" March concludes.

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