EUR: Potential key reversal - BBH

The euro posted a potential key reversal yesterday, by making new lows for the move (~$1.2155, the lowest since mid-January) and closing above Wednesday's high, according to analysts at BBH.  

Key Quotes

“There has been modest follow through buying today that lifted the single currency above $1.23.  There is chart resistance and retracement levels may be formidable ahead of the weekend in the $1.2310-$1.2350 area.  We had expected the weekend SPD decision and Italian election to deter the upside at the end of the week.  Note there is an option struck at $1.23 for 1.1 bln euros today that expires.”