Forex Flash: Next objective for the Euro is near $1.2465 - BBH


25/06/2012 20:39 AST  NASDAQ

According to Marc Chandler, Global Head of Currency Strategy at BBH, the next objective for the euro "is near $1.2465. If the correction is indeed over, a resumption of the euro's downtrend should carry it to new lows for the year. Alternatively, a move above the $1.2750-80 band would suggest the correction is not over, in which case a move toward $1.29 is more likely."

As the strategist explains: "The euro approached the 50% retracement objective of the May's swoon in the immediate aftermath of the Greek election and retested it after the FOMC meeting in the middle of last week. During this retracement the euro held above the trendline drawn off the June 1, 12 and 18 lows. It broke the trendline and closed below it on June 21 and June 22. In these two sessions it managed to give back half the gains scored this month."

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