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EUR/USD: Downtrend incomplete, missing leg up to 1.2959 first? - JPMorgan

FXStreet (Bali) - The EUR downtrend is incomplete, but could be missing another corrective leg up to 1.2959, notes Thomas Anthonj, FX Strategist at JP Morgan.

Key Quotes

"The EUR downtrend is incomplete, but could be missing another corrective leg up to 1.2959 Given the shown wave count in the EUR/USD chart below, the main question currently is, whether the long-term downtrend towards 1.2418 (Fib.-projection) and 1.2217 (weekly trend) has already been resumed or whether we are missing another corrective leg up (c-wave) to the projected and internal wave 4 target at 1.2959 (int. 38.2 %)."

"That said we keep watching key-Fib.-support at 1.2592 (minor 76.4 %) very closely as the latter looks to be the key-support to answer this question. Above, 1.2959 remains in focus whereas a decisive hourly close below (i.e. below 1.2570) would confirm the resumption of the long-term downtrend. Only a decisive hourly close above 1.2959 (i.e. above 1.2980) would on the other hand start weakening the prevailing down-bias in favor of a stronger recovery to 1.3246 (int. 50 %)."

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