10 Jun 2013
Flash: Majors stopped near Key Tech levels - BBH
FXstreet.com (Barcelona) - Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman notes that the major currencies stopped near key technical levels.
He wirtes, “For example, the Dollar Index bottomed in front of the 81.00, which corresponds to a 61.8% retracement off the early February lows.” Further, for their parts, on an intraday basis the sterling and the euro rose through the 50% retracements of the large decline from early January and early February respectively. He feels that those who suspect that the move still has legs, their sights are set on the 61.8% retracements that are found just below $1.58 and $1.3345 for GBP and the euro respectively
He wirtes, “For example, the Dollar Index bottomed in front of the 81.00, which corresponds to a 61.8% retracement off the early February lows.” Further, for their parts, on an intraday basis the sterling and the euro rose through the 50% retracements of the large decline from early January and early February respectively. He feels that those who suspect that the move still has legs, their sights are set on the 61.8% retracements that are found just below $1.58 and $1.3345 for GBP and the euro respectively