5 Jul 2015
Greek referendum: No vote? Watch 1.1031 in EUR/USD - JPMorgan
FXStreet (Bali) - The FX Strategy Team at JP Morgan anticipates a make or break support level at 1.1031, which may come into focus fairly quick should the 'No' vote win the Greek referendum.
Key Quotes
"Looking across the board it remains difficult to make any conclusion which would survive the next week, as markets themselves are inconclusive in their trading action. The absolute lack of any decisive break is just one of the symptoms, which illustrates the general stage of confusion."
"That said, it remains a day to day business until we receive stronger hints that a sustainable trend has been established."
"The role model in this context is once more EUR/USD, which defended key-support at 1.1031 (minor 76.4 %) yesterday just to keep us in no man’s land between the latter and the upper resistance barrier at 1.1293/1.1322 (pivot/minor 76.4 %)."
"Only a decisive breakout of this range on hourly close (using a 20 pip filter) would provide directions in favour of a broader recovery to 1.1699/1.1811 (int. 38.2 % on higher scales) or of a deeper setback to at least 1.0744/1.0695 (int. 76.4 % on higher scale/daily trend)."
Key Quotes
"Looking across the board it remains difficult to make any conclusion which would survive the next week, as markets themselves are inconclusive in their trading action. The absolute lack of any decisive break is just one of the symptoms, which illustrates the general stage of confusion."
"That said, it remains a day to day business until we receive stronger hints that a sustainable trend has been established."
"The role model in this context is once more EUR/USD, which defended key-support at 1.1031 (minor 76.4 %) yesterday just to keep us in no man’s land between the latter and the upper resistance barrier at 1.1293/1.1322 (pivot/minor 76.4 %)."
"Only a decisive breakout of this range on hourly close (using a 20 pip filter) would provide directions in favour of a broader recovery to 1.1699/1.1811 (int. 38.2 % on higher scales) or of a deeper setback to at least 1.0744/1.0695 (int. 76.4 % on higher scale/daily trend)."