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EURUSD: Recent breakout allows for test of 1.2662 - JPMorgan

FXStreet (Bali) - A deeper extension in EUR/USD is likely, which should allow for a test of the 1.2662 November ’12 low, notes Niall O'Connor, FX Strategist at JP Morgan.

Key Quotes

"There have been several important developments for the USD pairs over the past week as well. In this regard, the breakdown in EUR/USD below the 1.2746/1.2755 support zone and 2013 lows is also consistent with the medium term trending bias."

"In turn, a deeper extension is likely which should allow for a test of the 1.2662 November ’12 low, if not the critical 1.2500 area which includes the 76.4% retracement of the rally from the 2012 cycle low."

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