That was quite a market storm, with violent, volatile moves, and it doesn’t seem to be over. What are the next levels for EUR/USD, GBP/USD and the S&P 500? JPM answers: Here is their view, courtesy of eFXnews: The negative performance of leading risk markets is clearly ruling the market action in different asset classes and given the dynamics behind the latest sell-off, there is likely more to come, says JP Morgan. “Projected targets for an indicated 4th wave setback in the S & P 500 are for example cutting in between 1761 and at 1690/58/34 (int. 38.2 % on 4 scales), which looks to be the minimum target for the ongoing setback,” JPM projects. Reflecting that in EUR/USD, JPM sees a possibility of extending higher for a test of the key-T-junction at 1.2959 (in. 38.2 %) as long as key-support at 1.2569 (minor 76.4 %) is not broken decisively on hourly close (i.e. below 1.2550). This projected wave 4 target at 1.2959 (int. 38.2 % on higher scale), according to JPM, remains in focus where a perfect risk reward would be given to bet on the missing 5th wave decline towards 1.2418 & 1.2215 (Fib./w. trend). In Cable, JPM thinks that as the pair manages to hold above the key-pivotal support around 1.5854, the door for a bounce remains open. “But for the latter to really start weakening the prevailing down-bias it would take two consecutive higher hourly closes of the lagging line above the Ichimoku-cloud (currently at 1.6118),” JPM argues. For lots more FX trades from major banks, sign up to eFXplus By signing up to eFXplus via the link above, you are directly supporting Forex Crunch. Yohay Elam Yohay Elam 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 a 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. Yohay's Google Profile View All Post By Yohay Elam Opinions share Read Next EUR/USD falling sharply as fear grips markets Yohay Elam 8 years That was quite a market storm, with violent, volatile moves, and it doesn't seem to be over. What are the next levels for EUR/USD, GBP/USD and the S&P 500? JPM answers: Here is their view, courtesy of eFXnews: The negative performance of leading risk markets is clearly ruling the market action in different asset classes and given the dynamics behind the latest sell-off, there is likely more to come, says JP Morgan. "Projected targets for an indicated 4th wave setback in the S & P 500 are for example cutting in between 1761 and at 1690/58/34 (int. 38.2 % on… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.