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19 May 2015
EUR/USD remains bearish below 1.1534 – JP Morgan
FXStreet (Edinburgh) -According to analysts at JP Morgan, EUR/USD remains on track to re-test the mid-1.1000s as long as it trades below 1.1534.
Key Quotes
“In the short- to intermediate run we are now looking for a range breakout between 1.1477/1.1534 (internal wave 3 projection/pivot) and 1.1092/53 (minor 38.2 %/pivot) in order to receive hints whether the recovery can extend even further or whether it has already ended”.
“A break above the previous high at 1.1534 would not be a strong buy-signal as such, but would at least open the door for a limited extension to 1.1699 and 1.1811 (int. 38.2 % on highest scale) where the bulls and bears would have to fight it out”.
“Below 1.1534 though, this market remains under the permanent risk of reversing sharply down”.
“Stronger evidence that a IVth wave top could be in place would however only be delivered via breaks below 1.1145/31 (minor 38.2 %/pivot), which would then have to be followed by breaks below 1.1092/53 (int. 38.2 % on higher scale/pivot) for confirmation purposes”.
“Such breaks would expose 1.0739 (int. 76.4 %) as the last good support before 1.0072 (76.4 % on big scale) would be in focus again”.
Key Quotes
“In the short- to intermediate run we are now looking for a range breakout between 1.1477/1.1534 (internal wave 3 projection/pivot) and 1.1092/53 (minor 38.2 %/pivot) in order to receive hints whether the recovery can extend even further or whether it has already ended”.
“A break above the previous high at 1.1534 would not be a strong buy-signal as such, but would at least open the door for a limited extension to 1.1699 and 1.1811 (int. 38.2 % on highest scale) where the bulls and bears would have to fight it out”.
“Below 1.1534 though, this market remains under the permanent risk of reversing sharply down”.
“Stronger evidence that a IVth wave top could be in place would however only be delivered via breaks below 1.1145/31 (minor 38.2 %/pivot), which would then have to be followed by breaks below 1.1092/53 (int. 38.2 % on higher scale/pivot) for confirmation purposes”.
“Such breaks would expose 1.0739 (int. 76.4 %) as the last good support before 1.0072 (76.4 % on big scale) would be in focus again”.