EUR: Break of $1.10 will re-target the Brexit low - BBH

Research Team at BBH, notes that the euro recovery from the Brexit shock ended with a outside down day on July 5. 

Key Quotes

“The euro had reached a low a little below $1.0915 on the referendum news, and then recovered to $1.1185 before reversing lower.  The euro retraced more than 61.8% of that rally (~$1.1020) and spent most of the pre-weekend hours straddling the $1.1050 area, which corresponds to the 50% mark.  A break of $1.10 will re-target the Brexit low, and below there is the $1.08 area that previously was the lower end of a trading range. On the upside, initial resistance is pegged on the post-jobs data spike high $1.1120.”