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JP Morgan: bearish on EUR/USD

Strategists at JP Morgan opened a strategic short on EUR/USD with a target of $1.2430. They intend to build the position up on a break below $1.3170.

JP Morgan remains bearish as long as the $1.3480/1.3520 resistance is not broken. In their view, the current uptrend from $1.2750 is a classical 3-step countertrend rally with a limited upside potential.

A clear break above $1.3520 would negate the bearish view and may set the stage for a much broader recovery in EUR/USD.

Chart. Weekly EUR/USD

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