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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).

 

Policy outlook to cap EUR 5 day performance vs USD

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