5 Sep 2013
Flash: EUR/USD next selling point 1.3238/48, top in place at 1.3452 - JPMorgan
FXstreet.com (Barcelona) - EUR/USD should be exposed to additional weakness in the next days/weeks, according to FX Strategists at JPMorgan, who interpret the latest slide as a sign of more bearish dominance to come.
Key Quotes
"The market lost additional ground Tuesday which provided further evidence that the countertrend rally top is indeed in place at 1.3452. The bears however still need decisive breaks below 1.3146 (200 DMA) and below 1.3107 (daily Ichimoku-lagging) to be on the safe side."
"If a bounce would occur though we’d only see limited upside potential to 1.3238/43 (minor 38.2 % on 2 scales, internal wave 4 target) from where the next selling wave would be expected to be launched."
Key Quotes
"The market lost additional ground Tuesday which provided further evidence that the countertrend rally top is indeed in place at 1.3452. The bears however still need decisive breaks below 1.3146 (200 DMA) and below 1.3107 (daily Ichimoku-lagging) to be on the safe side."
"If a bounce would occur though we’d only see limited upside potential to 1.3238/43 (minor 38.2 % on 2 scales, internal wave 4 target) from where the next selling wave would be expected to be launched."