EUR/USD At Strong Support – What’s Next?

EUR/USD made a last-minute drop to end the first week of Q2 at critical support. What’s next?

Here is J.P. Morgan’s view, courtesy of eFXnews:

EUR/USD: Make Or Break At 1.0590 – JP Morgan

JP Morgan FX Technical Strategy Research notes that EUR/USD key-reversal down the market has extended its losses slightly but lost down-momentum as it approached the first crucial support cluster at 1.0590.

“The latter and another support cluster at 1.0494/74 (pivot/int. 76.4 % on higher scale) are the classical countertrend decline targets and potential launch pads for a broader recovery,” JPM argues.

If this support level holds, JPM expects a minimum bounce to 1.0840.