EUR/USD: a sustained break of the $1.2155 area is needed to confirm a top - BBH

Analysts at Brown Brothers Harriman explained that the euro was slightly softer for the second consecutive week.  

Key Quotes:

"ECB's Draghi and Praet's insistence on continued patience (with the current monetary settings) coupled with a slight downward revision to the February CPI (1.1.% from 1. 3% in January and an initial estimate of 1.2%) weighed on the euro over the past three sessions. 

Still, the euro is up a cent since the start of March. The trendline we identified last week, drawn off the February 2 high held on the mid-week test, which increases its significance.  It is found near $1.2345 at the end of next week. The technical indicators are not generating a strong signal but seem to favor some more softness. The $1.2250-$1.2270 offers initial support, while a sustained break of the $1.2155 area is needed to confirm a top."