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EUR/USD: Downtrend far from mature - JPMorgan

FXStreet (Bali) - According to Thomas Anthonj, FX Strategist at JPMorgan, while the downtrend in EUR/USD is far from being mature, it is expected to lose momentum towards 1.3100 or 1.2900.

Key Quotes

"The well-established downtrend of the EUR shows only temporary supports at 1.3100 and at 1.2910."

"Given the extent of the latest down-cycle from 1.3701 in EUR/USD we are confident of dealing with an internal 3rd wave decline which could end at 1.3104/01 (Sep. 13 low/weekly Ichimoku-lagging) or at 1.2916/08 (weekly trend/wave 1 x 1.618)."

"One of these support clusters will most likely provide the launch base for an internal 4th wave recovery, which has currently a projected target at 1.3362 (minor 38.2 %). Only above the latter and above pivotal resistance between 1.3449 and 1.3503 we'd see room for a stronger recovery to 1.3701 or 1.3795 (pivot/int. 76.4 %)."

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