hello,
Yesterday appeared on the market two recommendations of investment banks: Credit Suisse and JP Morgan. I decided to put them on my blog.
But before, the first reminder My analysis. <EUR/USD - my analysis>. Today, I decided to low my stop to the 1.3650 level.
JP Morgan
EUR/USD
"As long as EUR/USD doesn't show a second consecutive lower close below the Ichimoku-cloud (currently at 1.3618) the door remains open for an extended wave 2 rebound to 1.3805/12 (daily breakout line/minor 76.4 %), where a good risk reward selling opportunity would be given", says JP Morgan.
"Only a decisive hourly close above 1.3812 (i.e. above 1.3840) would question the broad bear view which would receive confirmation via breaks below 1.3508 and 1.3468/36 (daily trend/daily Ichimoku-lagging/minor 38.2 %)," JPM adds.
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| chart 1. JP Morgan analysis of EUR/USD 2014-01-15 |
GBP/USD
In Cable, JPM thinks "that in order to resume the broader up-trend, it requires a decisive break and hourly close above 1.6518/42 (pivot/minor 76.4 %, i.e. above 1.6570)."
"As long as such a break has not materialized though, the market remains vulnerable to another test of key-support between 1.6327 (minor 38.2 %) and 1.6272/51 (weekly triangle/c = a) which if taken out would call for a minimum decline to the lower T-junction at 1.6031 (38.2 % on higher scale)," JPM projects.
"As long as such a break has not materialized though, the market remains vulnerable to another test of key-support between 1.6327 (minor 38.2 %) and 1.6272/51 (weekly triangle/c = a) which if taken out would call for a minimum decline to the lower T-junction at 1.6031 (38.2 % on higher scale)," JPM projects.
Credit Suisse
EUR/USD
"EUR/USD’s consolidation has found fresh selling interest ahead of the 1.3721/29 barrier – 50% retracement of the recent fall – which leaves topping pressure in place", notes Credit Suisse.
"Removal of trendline support at 1.3595/72 is needed to get the downtrend back on track for price and 61.8% retracement support at 1.3528/23 next," CS projects.
"Below here targets the 38.2% retracement of the July/December rally at 1.3458, with the target from the top set lower at 1.3357. Near-term resistance moves to 1.3700. Above 1.3721/29 aims at price and 61.8% retracement hurdles at 1.3742/62, which ideally caps to keep topping pressure intact," CS adds.
"In line with this view, CS recommends selling EUR/USD strength to 1.3700/20, with a stop above 1.3778, and a target at 1.3460."
"Removal of trendline support at 1.3595/72 is needed to get the downtrend back on track for price and 61.8% retracement support at 1.3528/23 next," CS projects.
"Below here targets the 38.2% retracement of the July/December rally at 1.3458, with the target from the top set lower at 1.3357. Near-term resistance moves to 1.3700. Above 1.3721/29 aims at price and 61.8% retracement hurdles at 1.3742/62, which ideally caps to keep topping pressure intact," CS adds.
"In line with this view, CS recommends selling EUR/USD strength to 1.3700/20, with a stop above 1.3778, and a target at 1.3460."
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| chart 2. Credit Suisse analysis of EUR/USD 2014-01-15 |
regards,
oscarjp
The information contained in this publication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. Any opinion offered herein reflects oscarjp-chrimatistikos current judgment and may change without notice. Users acknowledge and agree to the fact that, by its very nature, any investment in shares, stock options and similar and assimilated products is characterised by a certain degree of uncertainty and that, consequently, any investment of this nature involves risks for which the user is solely responsible and liable.
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