From JP Morgan on EUR/USD:
EUR/USD daily – Only a break below 1.2502/00 would get the bears on the safe side
- Having decisively broken key-Fib.-support at 1.2592 (minor 76.4 %) we see the odds in favor of a straight resumption of the broader downtrend, but the risk of only dealing with an overshooting countertrend decline persists.
- That said, only a break below key-support at 1.2502/00 (76.4 % on higher scale/last low) would confirm lower targets at 1.2418 and 1.2218 (Fib.-proj./w. trend). We nevertheless see a negative bias prevailing as long as the hourly lagging line doesn’t display two consecutive higher closes above Ichimoku-resistance (currently at 1.2729)
(Note – text and chart from the (London) morning of 31OCT2014)