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3 Apr 2015
EUR/USD could climb to 1.1267 – JP Morgan
FXStreet (Edinburgh) - In the technical space, analysts at JP Morgan did not rule out a new visit of the area around 1.1270.
Key Quotes
“The latest bounce from 1.0462 (last low) in EUR/USD already failed to reach and challenge the preceding breakout point at 1.1098”.
“Another attempt to break above 1.1098 in favor of a broader recovery to 1.1267/79 (int. 38.2 %) can however not be excluded as long as key-support at 1.0613/01 (pivot/minor
76.4 %) has not been broken decisively on hourly close (i.e. below 1.0575)”.
“Only such a break would support a straight extension of the broader downtrend to 1.0072 and possibly to projected wave 3 Fib.-targets at 0.9652 and at 0.9298”.
“So above 1.0613/01 the market keeps the option to challenge and break above 1.1098, which would shift the focus on the first major T-junction at 1.1267/79”.
Key Quotes
“The latest bounce from 1.0462 (last low) in EUR/USD already failed to reach and challenge the preceding breakout point at 1.1098”.
“Another attempt to break above 1.1098 in favor of a broader recovery to 1.1267/79 (int. 38.2 %) can however not be excluded as long as key-support at 1.0613/01 (pivot/minor
76.4 %) has not been broken decisively on hourly close (i.e. below 1.0575)”.
“Only such a break would support a straight extension of the broader downtrend to 1.0072 and possibly to projected wave 3 Fib.-targets at 0.9652 and at 0.9298”.
“So above 1.0613/01 the market keeps the option to challenge and break above 1.1098, which would shift the focus on the first major T-junction at 1.1267/79”.