The classical countertrend rally in EUR/USD is approaching its key- resistance zone between 1.3795/1.3822 (minor 76.4 %/pivot) and 1.3880/93 (monthly trend/last top), notes JP Morgan in a technical note to clients. Such a move, according to JPM, looks massive and will certainly cap the upside in case we are only dealing with a countertrend rally. "If so, the downside would remain wide open for a minimum decline to 1.3436 (minor 76.4 %) with a strong option to extend to 1.3104/01 (pivot/internal wave 3 projection)," JPM projects. "If the latter and 1.3024 (int. 76.4 % on higher scale) would also give way we’d even ... (full story)