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10 Sep 2013
Flash: EUR/USD targets 1.2487/36, to unfold in 5-w pattern - JPMorgan
FXstreet.com (Barcelona) - The main risk for EUR/USD, as technicals stand, is for a broader downtrend to at least 1.2487/36, notes Thomas Anthonj, FX Strategist at JP Morgan Securities.
Key Quotes
"A new and broader downtrend has been established in EUR/USD after last months failure to break c/B-wave at 1.3483/1.3521 (76.4 %/pivot) completed a classical zigzag countertrend rally which had been launched in April from 1.2746."
"The ground is prepared for a broader C-wave down to 1.2487/36 (C = A, int. 76.4 %) which is expected to unfold in the classical 5-wave pattern."
"We however can't ignore a bullish scenario which keeps its right to exist as long as the potential wave 2 target at 1.2919 (minor 76.4 %) is not broken decisively."
Key Quotes
"A new and broader downtrend has been established in EUR/USD after last months failure to break c/B-wave at 1.3483/1.3521 (76.4 %/pivot) completed a classical zigzag countertrend rally which had been launched in April from 1.2746."
"The ground is prepared for a broader C-wave down to 1.2487/36 (C = A, int. 76.4 %) which is expected to unfold in the classical 5-wave pattern."
"We however can't ignore a bullish scenario which keeps its right to exist as long as the potential wave 2 target at 1.2919 (minor 76.4 %) is not broken decisively."