JP Morgan specialists are still favoring the head-and-shoulders topping pattern in EUR/USD, which started forming in last September. In their view, bears are in full control below $1.3080 and are ready to push EUR below the $1.2780 neckline.
However, strategists notice that there is some more place for a bullish correction. Decisive break above $1.3140 could open the way for a rise to $1.3315 or even to $1.3480. From here the pair is expected to reverse to the downside.
Chart. Weekly EUR/USD