EUR: Advance halted - BBH

The euro advanced for the past three sessions and was trying to extend it into a fourth session but was turned back in the European morning, as the greenback found somewhat better traction, explains the analysis team at BBH.  

Key Quotes

“A consolidative tone appears to be emerging.  Initial support today is seen near $1.0780.  There is a 1.2 bln euro option struck at $1.1750 that will be cut today.  The 20-day moving average, which the euro has not closed below since late June is near $1.1735 today.  The aggregate industrial output figures for June (-0.6% and +2.6% year-over-year) were largely in line with expectations after the softer national reports in recent days.”