Return of the King
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EUR/USD: Missing Another Leg Higher? - JP Morgan
Given the wave count in the EUR/USD, the main question currently is whether the long-term downtrend towards 1.2418 (Fib.-projection) and 1.2217 (weekly trend) has 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 %), says JP Morgan. "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," JPM projects. To validate this bearish scenario, according to JPM, a decisive break below 1.2592 (i.e. below 1.2570) is ... (full story)