EUR/USD: Range Breakout: Levels & Targets – JP Morgan

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EUR/USD breakout of its short-term range between 1.1061 (Dec. 15 high = potential wave 1 top) and 1.1432 (minor 76.4 %) provides fresh directions, says JP Morgan. EUR/USD break below 1.1061 eliminates the possibility of only dealing with a minor 4th wave setback and concludes that we are either dealing with a 2nd wave setback on higher scale to 1.0725/10 (int. 76.4 %/pivot) and possibly with the resumption of the long-term downtrend in case 1.0725/10 fails to provide support, notes JP Morgan. Longer-term, JPM thinks that the failure of EUR/USD to clear key-resistance at 1.1420/32 (weekly breakout line/minor 76.4 %) last week leaves … (full story)

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