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22 Jun 2015
EUR/USD: further upside awaits above 1.1468 – JP Morgan
FXStreet (Edinburgh) - In the view of analysts at JP Morgan, EUR/USD needs to clear 1.1468 in order to climb to the 1.17/1.18 area.
Key Quotes
“The latest failure to clear the May high at 1.1468 inherits the risk of having only performed a countertrend rally and leaves the downside wide open for a minimum decline to 1.0962/57 (minor 76.4 %/daily trend) if not the resumption of the long-term downtrend”.
“Only a break above 1.1468 would open the door for an extended recovery to 1.1699 and 1.1811 (int. 38.2 % on higher scales), which would still need to be cleared to reverse the long-term downtrend”.
“On the downside and in order to receive evidence that a top is in place, it would now take breaks below 1.1207/05 (double-low) and below 1.1151/1.1050 (pivots)”.
“For a confirmed resumption of the broader downtrend towards 1.0072 (76.4 % of the 2000-2008 rally) and possibly to 0.9652 and 0.9298 (internal wave 3 projections), it would however take breaks below 1.0962/57 and ultimately below 1.0815/1.0744 (last low/76.4 % on higher scale)”.
Key Quotes
“The latest failure to clear the May high at 1.1468 inherits the risk of having only performed a countertrend rally and leaves the downside wide open for a minimum decline to 1.0962/57 (minor 76.4 %/daily trend) if not the resumption of the long-term downtrend”.
“Only a break above 1.1468 would open the door for an extended recovery to 1.1699 and 1.1811 (int. 38.2 % on higher scales), which would still need to be cleared to reverse the long-term downtrend”.
“On the downside and in order to receive evidence that a top is in place, it would now take breaks below 1.1207/05 (double-low) and below 1.1151/1.1050 (pivots)”.
“For a confirmed resumption of the broader downtrend towards 1.0072 (76.4 % of the 2000-2008 rally) and possibly to 0.9652 and 0.9298 (internal wave 3 projections), it would however take breaks below 1.0962/57 and ultimately below 1.0815/1.0744 (last low/76.4 % on higher scale)”.