What’s next for EUR/UD after the not-so-strong blow it received from the Greek referendum?
The team at JP Morgan analyzes the charts:
Here is their view, courtesy of eFXnews:
EUR/USD latest sell-off at this week’s market opening brought the key-support cluster at 1.0962/55 (minor 76.4 %/pivot) back into focus, notes JP Morgan.
“Below, 1.0962/55 remains at risk, which is the decisive T-junction to distinguish between a temporary set back only and a deeper one to the next T-zone between 1.0744 an 1.0698 (int. 76.4 % on higher scale/daily trend),” JPM argues.
“Above 1.0955 though, the start window for a stronger recovery to 1.1699/1.1811 (int. 38.2 %) remains open,” JPM adds.
To confirm the latter view, according to JPM, it would take another successful defense of the 1.0955 support via breaks above 1.1092 and 1.1159 (hourly trends).
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