EUR: Break of $1.12 could spur slippage toward $1.1150-$1.1170 - BBH

Research Team at BBH, notes that the euro has fallen for the past four Fridays which is an interesting pattern, but the significance is not clear. 

Key Quotes

“Compared with the beginning of this pattern, the euro is about a cent lower.  On the week, the euro finished half a cent higher but had completely unwound the gains scored in response to the ECB lack of fresh action, even extending its buying program, despite the recognized downside risks and the (small) downgrades of the staff forecasts for next year's growth and inflation. 

A break of $1.12 could spur slippage toward $1.1150-$1.1170, but we suspect the euro will be supported by caution ahead of Fed's Brainard and what is expected to be a softer US retail sales report.  On the upside, congestion around $1.1250 may hinder strong gains, especially given the proximity of the FOMC meeting.”