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EUR/USD bears in full control - JPMorgan

FXStreet (Bali) - EUR/USD bears remain in full control,
shooting for 1.2769/55/46 and potentially even for 1.2502, notes Thomas Anthonj, FX Strategist at JP Morgan.

Key Quotes

The downtrend of the EUR opened additional downside before a bounce looks to be due. Having decisively broken the potential base for a temporary 4th wave recovery at 1.2908 (wave 1 x 1.618) in EUR/USD the market opened additional downside to the next potential base at 1.2769/55/46 (monthly trend/pivots)."

"A straight extension to the latter is favored unless a break above 1.2996 (pivot) indicates that the 3rd wave low is in place and wave 4 up to 1.3165 (minor 38.2 %) already on its way.

"The latter would provide a good risk-reward to bet on the missing 5th wave decline whereas breaks above 1.3165 and above 1.3274 (daily trend) would constitute a scale jump in favor of a broader 2nd or b-wave rebound to 1.3413 (int. 50 %) and to 1.3701/19 (pivot/int. 76.4 %) at a later stage."

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