EUR/USD Aims Higher While USD/JPY Faces Hurdles
EUR/USD found support near 1.1665 and started an upside correction. USD/JPY is facing a major resistance near 109.85, followed by 110.00.
Important Takeaways for EUR/USD and USD/JPY
EUR/USD Technical Analysis
This past week, the Euro saw a major decline below 1.1800 against the US Dollar. The EUR/USD pair broke the 1.1750 support zone to move into a bearish zone.
The pair settled below the 1.1750 level and the 50 hourly simple moving average. It even broke the 1.1700 support level and traded as low as 1.1663 on FXOpen. It is now correcting higher above the 1.1700 resistance level.
There was a break above the 50% Fib retracement level of the key decline from the 1.1804 swing high to 1.1663 low. There was also a break above a key bearish trend line with resistance near 1.1735 on the hourly chart of EUR/USD.
The pair is now consolidating above 1.1730 and the 50 hourly simple moving average. An immediate resistance is near the 1.1760 level. The first key resistance is near the 1.1770 level. It is near the 76.4% Fib retracement level of the key decline from the 1.1804 swing high to 1.1663 low.
The main resistance is near the 1.1800 level. A close above 1.1800 could open the doors for a steady increase towards 1.1850. If there is no break above 1.1760, the pair might continue to move down below 1.1720.
An intermediate support is near the 1.1700 level. The next major support is near the 1.1665 level, below which the pair could drop towards the 1.1600 support in the near term.
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EUR/USD found support near 1.1665 and started an upside correction. USD/JPY is facing a major resistance near 109.85, followed by 110.00.
Important Takeaways for EUR/USD and USD/JPY
- The Euro started an upside correction above 1.1700 and 1.1720.
- There was a break above a key bearish trend line with resistance near 1.1735 on the hourly chart of EUR/USD.
- USD/JPY started a fresh increase, but it is struggling to clear the 110.00 resistance.
- There is a major bullish trend line forming with support near 109.60 on the hourly chart.
EUR/USD Technical Analysis
This past week, the Euro saw a major decline below 1.1800 against the US Dollar. The EUR/USD pair broke the 1.1750 support zone to move into a bearish zone.
The pair settled below the 1.1750 level and the 50 hourly simple moving average. It even broke the 1.1700 support level and traded as low as 1.1663 on FXOpen. It is now correcting higher above the 1.1700 resistance level.
There was a break above the 50% Fib retracement level of the key decline from the 1.1804 swing high to 1.1663 low. There was also a break above a key bearish trend line with resistance near 1.1735 on the hourly chart of EUR/USD.
The pair is now consolidating above 1.1730 and the 50 hourly simple moving average. An immediate resistance is near the 1.1760 level. The first key resistance is near the 1.1770 level. It is near the 76.4% Fib retracement level of the key decline from the 1.1804 swing high to 1.1663 low.
The main resistance is near the 1.1800 level. A close above 1.1800 could open the doors for a steady increase towards 1.1850. If there is no break above 1.1760, the pair might continue to move down below 1.1720.
An intermediate support is near the 1.1700 level. The next major support is near the 1.1665 level, below which the pair could drop towards the 1.1600 support in the near term.
Read Full on FXOpen Company Blog...