Forex Flash: EUR/USD, above 1.3310 a 1.3792 -1.4248/59 favoured - JPMorgan (Barcelona) - EUR/USD remains positive but given structures still inherit an undeniable reversal risk, says Niall O'Connor, FX strategist at JPMorgan.

"The various wave counts in EUR/USD are also reflecting this mixed picture which remains mildly bullish though as long as key-support at 1.3310/1.3257 (int. 38.2 %/last low) is defended" Niall notes.

Above, "a straight extension to higher T junctions at 1.3792 (C = A) and at 1.4248/59 (former high/int. 76.4 %) is still favored whereas a break below 1.3257 would ring the alarm bell" the analyst adds.

For a complete reversal of the up-trend, Niall says "EUR/USD needs to break below support at 1.3172/27 (assumed wave 1 tops)."