EUR/USD And USD/JPY Could Start Decent Recovery
EUR/USD is currently attempting an upside correction from the 1.0998 low, but it is facing hurdles near 1.1020. Similarly, USD/JPY must surpass 109.25 to start a decent recovery in the near term.
EUR/USD Technical Analysis
In the past few days, the Euro declined heavily below the 1.1085 and 1.1050 support levels against the US Dollar. The EUR/USD pair broke the 1.1040 support level to enter a bearish zone.
Moreover, there was a close below the 1.1040 level and the 50 hourly simple moving average. A low is formed at 1.0998 on FXOpen and the pair is currently correcting higher.
It broke the 1.1010 level, plus the 23.6% Fib retracement level of the recent decline from the 1.1061 high to 1.0998 low. Moreover, there was a break above a key bearish trend line with resistance near 1.1018 on the hourly chart of EUR/USD.
Read more about EUR/USD and USD/JPY Analysis on FXOpen blog...
EUR/USD is currently attempting an upside correction from the 1.0998 low, but it is facing hurdles near 1.1020. Similarly, USD/JPY must surpass 109.25 to start a decent recovery in the near term.
EUR/USD Technical Analysis
In the past few days, the Euro declined heavily below the 1.1085 and 1.1050 support levels against the US Dollar. The EUR/USD pair broke the 1.1040 support level to enter a bearish zone.
Moreover, there was a close below the 1.1040 level and the 50 hourly simple moving average. A low is formed at 1.0998 on FXOpen and the pair is currently correcting higher.
It broke the 1.1010 level, plus the 23.6% Fib retracement level of the recent decline from the 1.1061 high to 1.0998 low. Moreover, there was a break above a key bearish trend line with resistance near 1.1018 on the hourly chart of EUR/USD.
Read more about EUR/USD and USD/JPY Analysis on FXOpen blog...