Technical indicators suggest the euro may make new lows - BBH

Research Team at BBH, suggests that the euro spent last week confined to about a once cent range and it was the first week since the end of January that it did not trade above $1.1100.

Key Quotes

“Prior to the referendum, the euro's five-day average was $1.13.  Now it stands near $1.1030.  The technical indicators suggest the euro may make new lows, but they may be marginal at best.  The $1.0915 low recorded in the immediate reaction to the Brexit decision is the next immediate objective. 

On the upside, $1.1060 was the best the euro could do post-ECB.  The down trendline drawn from the June 24 high and mid-July highs comes in near $1.1030 at the start of the new week and finishes near $1.0970.”