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)