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5 Feb 2015
EUR/USD: Pivotal resistance at 1.1460 crucial - JP Morgan
FXStreet (Bali) - Niall O'Connor, FX Strategist at JPMorgan, notes that while the downtrend in EUR/USD remains intact, it faces an increased bounce risk above 1.1641.
Key Quotes
"The broader EUR downtrend is taking a break, which is far from questioning the trend as such A projected C-wave target for the multi-year double-zigzag consolidation pattern in EUR/USDat 1.1091 finally managed to provide a base for the ongoing recovery. The big question in this context however is, how far this recovery can extend and where would we get indications for a game change?
"That said, we see pivotal resistance at 1.1460 as crucial, which if taken out, would open the way for a broader recovery to 1.1660/79 (minor 38.2 %/pivot). Only above the latter we'd see the EUR bears in trouble as the next 38.2 % Fib.-retracement on higher scale would only cut in at 1.2092."
"Particularly below 1.1460 though, 1.1091remains at risk. Once taken out, there would only be 1.0765 and 1.0503 (pivots) left on the way towards 1.0072 (76.4 %), if not to 0.9298 (wave 3 projection) as highlighted in our chart special “Parity calling” from 23rd of January –"
Key Quotes
"The broader EUR downtrend is taking a break, which is far from questioning the trend as such A projected C-wave target for the multi-year double-zigzag consolidation pattern in EUR/USDat 1.1091 finally managed to provide a base for the ongoing recovery. The big question in this context however is, how far this recovery can extend and where would we get indications for a game change?
"That said, we see pivotal resistance at 1.1460 as crucial, which if taken out, would open the way for a broader recovery to 1.1660/79 (minor 38.2 %/pivot). Only above the latter we'd see the EUR bears in trouble as the next 38.2 % Fib.-retracement on higher scale would only cut in at 1.2092."
"Particularly below 1.1460 though, 1.1091remains at risk. Once taken out, there would only be 1.0765 and 1.0503 (pivots) left on the way towards 1.0072 (76.4 %), if not to 0.9298 (wave 3 projection) as highlighted in our chart special “Parity calling” from 23rd of January –"