EUR/USD and EUR/JPY Remain In Downtrend
EUR/USD started a fresh decline and traded below 1.0350. EUR/JPY is also diving and remains at a risk of more losses below 138.50.
Important Takeaways for EUR/USD and EUR/JPY
On the upside, the pair is facing resistance near the 1.0290 level. It is near the 23.6% Fib retracement level of the downward move from the 1.0462 swing high to 1.0235 low.
The next major resistance is near the 1.0350 level. It is near the 50% Fib retracement level of the downward move from the 1.0462 swing high to 1.0235 low. Besides, there is a key bearish trend line forming with resistance near 1.0400 on the hourly chart.
A clear break above the 1.0400 resistance could push EUR/USD towards 1.0500. If the bulls remain in action, the pair could revisit the 1.0550 resistance zone in the near term.
On the downside, the pair might find support near the 1.0235 level. The next major support sits near the 1.0200 level. If there is a downside break below the 1.0200 support, the pair might accelerate lower in the coming sessions.
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EUR/USD started a fresh decline and traded below 1.0350. EUR/JPY is also diving and remains at a risk of more losses below 138.50.
Important Takeaways for EUR/USD and EUR/JPY
- The Euro started a major decline from the 1.0500 and 1.0480 resistance levels.
- There is a key bearish trend line forming with resistance near 1.0400 on the hourly chart.
- EUR/JPY also started a major decline below the 140.50 and 140.00 support levels.
- There is a major bearish trend line forming with resistance near 141.50 on the hourly chart.
EUR/USD Technical Analysis
The Euro failed to clear the 1.0500 resistance against the US Dollar. The EUR/USD pair started a major decline below the 1.0450 and 1.0350 support levels.
There was a clear move below the 1.0320 level and the 50 hourly simple moving average. The pair even settled below the 1.0280 level. A low was formed near 1.0235 on FXOpen and the pair is now consolidating losses.
EUR/USD Hourly Chart
On the upside, the pair is facing resistance near the 1.0290 level. It is near the 23.6% Fib retracement level of the downward move from the 1.0462 swing high to 1.0235 low.
The next major resistance is near the 1.0350 level. It is near the 50% Fib retracement level of the downward move from the 1.0462 swing high to 1.0235 low. Besides, there is a key bearish trend line forming with resistance near 1.0400 on the hourly chart.
A clear break above the 1.0400 resistance could push EUR/USD towards 1.0500. If the bulls remain in action, the pair could revisit the 1.0550 resistance zone in the near term.
On the downside, the pair might find support near the 1.0235 level. The next major support sits near the 1.0200 level. If there is a downside break below the 1.0200 support, the pair might accelerate lower in the coming sessions.
Read Full on FXOpen Company Blog...
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