EUR/USD: looking for break below 0.9500 - BBH

Analysts at Brown Brothers Harriman explained that the euro has dropped a nickel since the high recorded in the knee-jerk response to the ECB's announcement on December 8.

Key Quotes:

"It took the Fed hike and forward guidance to drive it through $1.05. It fell to about $1.0365 before a bout of short-covering was seen.

Additional short-covering in the coming days could see the euro rise to the $1.0500-$1.0530 area, where sellers may emerge.

A move through the $1.0560 area may be needed to signal a correction rather than consolidation.

If the euro has been carving out a large rectangle pattern between $1.05 and $1.15, then a measuring objective of the break is $0.95."