18 Jun 2015
EUR/SEK upside intact in the near-term – JP Morgan
FXStreet (Edinburgh) - The cross keeps the positive bias unchanged in the near term, suggested analysts at JP Morgan.
Key Quotes
“While the medium term upside bias for EUR/SEK is intact, the broad consolidation phase below the December/February highs continues develop”.
“Shorter term, the three-month range process remains firmly intact as the key parameters remain well-defined”.
“Given the continued struggles again the 9.42/9.44 resistance zone, the risk of a deeper pullback has increased”.
“In turn, our focus is now on the 9.17/9.1455 support zone which should help define whether a deeper pullback amid the broad corrective phase can develop”.
“This area includes the May low and the 76.4% retracement of the rally from the March low with breaks implying a closer test of that support/low (9.0550). Importantly, this area is the ideal zone for a potential base to develop”.
“Alternately, breaks above the 9.44 area would suggest a deeper retracement of the decline from the December high. Still, a break above the 9.56/57 area is necessary to argue for new highs”.
Key Quotes
“While the medium term upside bias for EUR/SEK is intact, the broad consolidation phase below the December/February highs continues develop”.
“Shorter term, the three-month range process remains firmly intact as the key parameters remain well-defined”.
“Given the continued struggles again the 9.42/9.44 resistance zone, the risk of a deeper pullback has increased”.
“In turn, our focus is now on the 9.17/9.1455 support zone which should help define whether a deeper pullback amid the broad corrective phase can develop”.
“This area includes the May low and the 76.4% retracement of the rally from the March low with breaks implying a closer test of that support/low (9.0550). Importantly, this area is the ideal zone for a potential base to develop”.
“Alternately, breaks above the 9.44 area would suggest a deeper retracement of the decline from the December high. Still, a break above the 9.56/57 area is necessary to argue for new highs”.