EUR/USD: bearish or bullish? - BBH

Analysts at Brown Brothers Harriman explained that after testing the upper end of the trading range (~$1.24) several times without success, the euro backed off.  

Key Quotes:

"It slipped to a two-week low near $1.2250 ahead of the weekend.  The rising short-term interest rate differential means that it is increasingly expensive to hold euros without offsetting appreciation. Still, the weekly loss of 0.35% is small beer, and the lower end of the range (~$1.22) remains intact."

"Participants may be patient even if the $1.22 area is frayed. The low from March 1, near $1.2150, may need to be taken out to signal a clean break.  The technical impulse is not particularly robust, but there appears to be a slight downside bias."