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EUR/USD: 1.2694 Key; Cable: Range Breakout Needed - JP Morgan
EUR/USD attempts to gain some ground on the upside and to finally reach out for a test of the main T-junction at 1.2959 (minor 38.2 %) keep on failing so far, which shows the inner strength of the still prevailing downtrend, notes JP Morgan. "In order to confirm the resumption of the latter though it would now take breaks below 1.2694 (hourly trend) and ultimately below 1.2592/71 (minor 76.4 %/pivot)," JPM argues. "Particularly above 1.2694 we can’t exclude another attempt to reach out for 1.2959 where a perfect risk-reward selling opportunity would be given again," JPM projects. In Cable, JPM Last week's ... (full story)