EUR/USD: Scope For A Deeper Setback To 1.17/97/68 Against A Break Above 1.2205/50 – JP Morgan

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EUR/USD is on the back foot, unable to recover from the previous falls. What’s next?

Here is their view, courtesy of eFXdata:

JP Morgan Research discusses EUR/USD technical outlook and adopts a tactical bearish bias targeting a move with a minimum setback to 1.1797/68.

“…Breaks are calling for a minimum setback to 1.1797/68 (int. 38.2 % on higher scales) with the option to extend to 1.1554 and to 1.1449 (November 2017 low/50 % on highest scale).

In order to weaken the now prevailing down-bias, it would on the other hand take breaks above 1.2205/15 (minor 38.2 %/pivot) and ultimately above 1.2250 (daily breakout line). Such breaks would at least give room for a countertrend rally to 1.2384/1.2410 (minor 76.4 %/daily triangle),” JPM argues.

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Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned the significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

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