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EUR/USD, GBP/USD: Where Is The Bounce? - JP Morgan
The broad rally of the USD has clearly lost some momentum as it was facing strong resistance barriers across the board suggesting that further temporary setback could be due in the near term, argues JP Morgan. Specifically in EUR/USD, JPM thinks that the broader down-rotation remains intact but faces an increased bounce risk above 1.3104/01 (pivot/weekly Ichimoku-lagging). "Only below the latter we’d see fresh down-potential to 1.2916/08 (weekly trend/Fib.-projection). A temporary bounce (minor wave 4) would however look fairly limited to 1.3362/94 (minor 38.2 %/daily trend) where a fresh selling opportunity would ... (full story)
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