EUR/USD’s defense of daily Ichimoku-support (at 1.3551 today) with the lagging line followed by the break above the first minor T-junction at 1.3676 (minor 76.4 %), gave the market a slight positive bias, notes JP Morgan.
But looking at the price action since and given that the main T-zone at 1.3795/1.3833 (76.4 % on higher scale/pivot) is still intact, JPM has little confidence yet that this recovery could extend to 1.3880/1.3973 (monthly trend/monthly Ichimoku.-lagging).
“That said a range breakout between 1.3833 and 1.3616 (hourly trend) is required for directions,” JPM adds.
