The big picture in EUR/USD is clearly favoring the bear scenario, which assumes that we are dealing with a broad double-zigzag consolidation pattern, notes JP Morgan. "Within the latter we would have started the completing C-wave down at 1.3993, which has a projected target at 1.1091, assuming that wave C down would roughly extend to the length of the preceding wave A (May 11 – July 12)," JPM projects. "The tricky issue in this whole setup is the fact that we can already identify a clear-cut 5-wave structure within the decline from 1.3993 so that the accumulation phase (wave I) within the broader C-wave down ... (full story)