EUR/USD has managed to bounce from 1.25 but can it continue recovering or is it just a correction before the a bigger fall? The team at JP Morgan sides with the latter view stating that the recoveries are for sales and provide explanations and levels: Here is their view, courtesy of eFXnews: The defense of the main T-junction at 1.2502 (76.4 %) in EUR/USD opened the door for an internal 4th wave recovery to 1.2959 (int. 38.2 %), where a fresh selling opportunity would be given, argues JP Morgan. An importunate sign to watch here, according to JPM, is the failure so far to clear first resistance at 1.2797 (monthly breakout line). This could be an indication that the internal 3rd wave decline is not done yet, which keeps 1.2418 (wave 3 projection) and 1.2214 (weekly trend) in focus, JPM projects. “To confirm a straight extension lower and to delay the expected 4th wave recovery it would however take a decisive break below 1.2569 (minor 76.4 %) on hourly close (i.e. below 1.2550),” JPM argues. “Only a decisive hourly close above 1.2959 (i.e. above 1.2980) would on the other hand start weakening the prevailing down-bias in favor of a stronger recovery to 1.3246 (int. 50 %),” JPM adds. 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 Greece could creep back to the headlines on political Yohay Elam 8 years EUR/USD has managed to bounce from 1.25 but can it continue recovering or is it just a correction before the a bigger fall? The team at JP Morgan sides with the latter view stating that the recoveries are for sales and provide explanations and levels: Here is their view, courtesy of eFXnews: The defense of the main T-junction at 1.2502 (76.4 %) in EUR/USD opened the door for an internal 4th wave recovery to 1.2959 (int. 38.2 %), where a fresh selling opportunity would be given, argues JP Morgan. An importunate sign to watch here, according to JPM, is the… 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.
