EUR: Consolidation is the most likely near-term scenario - BBH

The euro approached the mid-August low (~$1.1660) after the US jobs report, bu it subsequently recovered above $1.17, notes the analysis team at BBH.  

Key Quotes

“There did not appear to be new news behind its reversal, which left a potential bullish hammer candlestick pattern in its wake.  We suspect consolidation is the most likely near-term scenario.  The top of the downtrend channel that has been formed recently is found near $1.1760 at the start of next week.  That has to be convincingly violated to be anything significant, and even then, the $1.1800 area is likely to prove formidable.”