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EUR/USD, Cable: Facing Wide Resistance; Await Sell Signals - JP Morgan
Having already seen the classical re-test and failure at the hourly/daily breakout line at 1.3502, there is now a high risk that EUR/USD is going to resume its latest downtrend straight away, says JP Morgan. "EUR/USD looks vulnerable below 1.3495/1.3502 and would receive a fresh sell-signal via a break below hourly trend line support (currently at 1.3399) which should then lead into a test and most likely break below the next support zone between 1.3276 and 1.3216 (minor 76.4 %/200 DMA)," JPM projects. "Only a break above 1.3548 would support a stronger 2nd wave recovery to 1.3706 (minor 76.4%)," JPM adds. Same for ... (full story)
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