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Forex Flash: Euro may extend recovery toward $1.3350 - BBH
FXstreet.com (Barcelona) - This week's risk events, including euro area PMIs, the US employment data and the ECB and FOMC meetings, "will help strengthen or crystallize price action in the EUR/USD, says Marc Chandler, Head of Currency Strategy at BBH.
As things stand though, Marc's view near-term is for a stronger euro: "Technically, we think the euro has put in the first leg of the correction of its nearly 10-cent sell off from early February though early April. The first leg up stalled near $1.32, just shy of the 50% retrac objective ($1.3230). We suspect there will be another leg up that can extend the recovery toward $1.3350."
