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EUR/USD: Await Breakout; Cable: Await Bullish Confirmation - JP Morgan
Despite the fact that the USD has sent few minor positive signals this week, it is too early for the USD bulls to feel safe, says JP Morgan. In EUR/USD, JPM thinks a range breakout is needed between 1.3906 and 1.3728 in order to signal the next move. "The failure to surpass the key-T-junction at 1.3898 (minor 76.4 %) has certainly increased the risk of having marked a classical countertrend wave II or wave B top at 1.3906," JPM argues. "For the latter to be confirmed it however takes a decisive hourly close below 1.3728 (minor 76.4 %, i.e. below 1.3710). Above, an extension towards the next T-junction on higher scale ... (full story)
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