JPMorgan sees EUR/USD on the brink but not quite ready for a break.
EUR/USD remains under pressure and is very close to crucial supports which need to be defended in order to avoid a straight resumption of the long-term downtrend, writes JPMorgan.
"That said we are now looking for a range breakout between 1.1053 and 1.1209 (minor 38.2 %) to receive stronger evidence whether we are extending lower to 1.0744 (minor 76.4 %) and 1.0604 (daily trend) or higher towards 1.1372 (minor 76.4 %) and possibly to 1.1489/1.1534 (daily trend/pivot), if not up to 1.1699 (int. 38.2 %) next," JPM notes.
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