EUR: Technical indicators aligned for further consolidation - BBH

The euro has also been trending gently lower since August 2 but the technical indicators appear aligned for further consolidation, according to analysts at BBH. 

Key Quotes

“The downtrend line off the recent high comes in a little below $1.18 at the start of the new week.  The low for the move is near $1.1660 and was seen after the record of the ECB meeting expressed concern about the "possible" euro "overshoot" in the "future." However, the euro did not close below $1.1680, the 38.2% retracement of the leg up in the euro that began in early July.”