EUR/USD: Break below 1.0615 to set up a test of January 6 low near 1.0485 – BBH

EUR/USD is still trading south of 1.07. A break under last week’s low of 1.0615 could open up further losses to the 1.0485 mark, economists at BBH report.

Germany reported a mixed February IFO business climate survey

“The Euro is trading lower near 1.0625 and nearing a test of last week’s low near 1.0615. Break below that would set up a test of the January 6 low near 1.0485.”

“Headline came in at 91.1 vs. 91.2 expected and a revised 90.1 (was 90.2) in January.  Current assessment came in at 93.9 vs. 95.0 expected and 94.1 in January, while expectations came in at 88.5 vs. 88.4 expected and 86.4 in January. While many of the survey indicators appear to have bottomed, we warn against getting too excited about the eurozone outlook as the hard data remain weak.”