EUR: Break of $1.11 could set up a test on the August low by $1.1045 - BBH

Research Team at BBH, notes that the euro recovered from the midweek low of nearly $1.1120 to $1.1250 after the US employment data. 

Key Quotes

“The $1.1260 area corresponds to a 61.8% retracement of the Yellen-Fischer spurred decline.  At $1.1245, the euro retraced 50% of the decline since the August high near $1.1365. With reasonable prospects of ECB action and still lingering ideas that the employment data is sufficient for the FOMC, participants may be hesitant about pushing the euro much above that $1.1250 area.  The $1.1100-1.1150 band may cushion losses.  The 200-day moving average is found in the middle of that band.  A break of $1.11 could set up a test on the August low by $1.1045.”