EUR/USD declining while USD/JPY gathering momentum
EUR/USD started a strong downward move from well above the 1.1250 level. USD/JPY is currently moving higher and it could continue to rise towards the 110.80 level.
EUR/USD Technical Analysis
The Euro started a strong downward move after it failed to gain pace above 1.1260 against the US Dollar. The EUR/USD pair declined heavily and broke many supports such as 1.1240, 1.1220 and 1.1200.
The pair even broke the 1.1180 support level and the 50 hourly simple moving average. It traded as low as 1.1141 on FXOpen and started an upside correction. It moved above the 1.1160 level and the 23.6% Fib retracement level of the recent decline from the 1.1223 high to 1.1141 low.
Continue reading EUR/USD and USD/JPY technical analysis and important takeaways...
EUR/USD started a strong downward move from well above the 1.1250 level. USD/JPY is currently moving higher and it could continue to rise towards the 110.80 level.
EUR/USD Technical Analysis
The Euro started a strong downward move after it failed to gain pace above 1.1260 against the US Dollar. The EUR/USD pair declined heavily and broke many supports such as 1.1240, 1.1220 and 1.1200.
The pair even broke the 1.1180 support level and the 50 hourly simple moving average. It traded as low as 1.1141 on FXOpen and started an upside correction. It moved above the 1.1160 level and the 23.6% Fib retracement level of the recent decline from the 1.1223 high to 1.1141 low.
Continue reading EUR/USD and USD/JPY technical analysis and important takeaways...