EUR/USD is on the back foot, unable to recover from the previous falls. What’s next?
Here is their view, courtesy of eFXdata:
JP Morgan Research discusses EUR/USD technical outlook and adopts a tactical bearish bias targeting a move with a minimum setback to 1.1797/68.
“…Breaks are calling for a minimum setback to 1.1797/68 (int. 38.2 % on higher scales) with the option to extend to 1.1554 and to 1.1449 (November 2017 low/50 % on highest scale).
In order to weaken the now prevailing down-bias, it would on the other hand take breaks above 1.2205/15 (minor 38.2 %/pivot) and ultimately above 1.2250 (daily breakout line). Such breaks would at least give room for a countertrend rally to 1.2384/1.2410 (minor 76.4 %/daily triangle),†JPM argues.
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