EUR/USD technical analysis from JP Morgan
EUR/USD last weeks' failure to clear the first major resistance barrier at 1.1389 (minor 38.2 %) leaves this market at risk of having just completed a textbook A-B-C countertrend rally as highlighted in blue, notes JP Morgan.
"An extension up to 1.1477 (internal wave 3 projection, green) if not to 1.1699 (int. 38.2 % on higher scale) can however not be excluded as long as crucial support between 1.1112 and 1.1066/53 (minor 38.2 %/pivots) is defended," JPM projects.
"For the latter to be supported, it would take a decisive hourly close above 1.1330 (i.e. above 1.1350)," JPM adds.
