EUR/USD Correct Gains While EUR/JPY Faces Key Hurdle
EUR/USD is gaining pace above the 1.0000 resistance. EUR/JPY is also rising and might climb further higher above the 147.00 zone.
Important Takeaways for EUR/USD and EUR/JPY
There was a drop below the 1.0350 level and the pair traded as low as 1.0319. On the downside, the pair might find support near the 1.0320 level. Besides, there is a key declining channel forming with support near 1.0310 on the hourly chart.
The next major support sits near the 1.0265 level, below which the pair could even test the 1.0220 support zone. If there is a downside break below the 1.0220 support, the pair might accelerate lower in the coming sessions. In the stated case, it could even test 1.0150.
On the upside, an immediate resistance is near the 1.0375 level. The next major resistance is near the 1.0400 level or the 50% Fib retracement level of the downward move from the 1.0496 swing high to 1.0319 low. The main resistance is near the 1.0450 level.
A clear move above the 1.0450 resistance might send the price towards 1.0500. If the bulls remain in action, the pair could visit the 1.0550 resistance zone in the near term.
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Disclaimer: This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.
EUR/USD is gaining pace above the 1.0000 resistance. EUR/JPY is also rising and might climb further higher above the 147.00 zone.
Important Takeaways for EUR/USD and EUR/JPY
- The Euro started a downside correction from the 1.0500 resistance zone.
- There is a key declining channel forming with support near 1.0310 on the hourly chart.
- EUR/JPY started a strong decline and settled below the 144.50 support zone.
- There is a major bearish trend line forming with resistance near 144.15 on the hourly chart.
EUR/USD Technical Analysis
The Euro formed a base above the 1.0200 zone and started recovery wave against the US Dollar. The EUR/USD pair was able to clear the 1.0320 and 1.0400 resistance levels.
There was a clear move above the 1.0420 level and the 50 hourly simple moving average. The pair even climbed above 1.0450 and traded as high as 1.0496. It is now correcting gains below the 1.0450 level.
EUR/USD Hourly Chart
There was a drop below the 1.0350 level and the pair traded as low as 1.0319. On the downside, the pair might find support near the 1.0320 level. Besides, there is a key declining channel forming with support near 1.0310 on the hourly chart.
The next major support sits near the 1.0265 level, below which the pair could even test the 1.0220 support zone. If there is a downside break below the 1.0220 support, the pair might accelerate lower in the coming sessions. In the stated case, it could even test 1.0150.
On the upside, an immediate resistance is near the 1.0375 level. The next major resistance is near the 1.0400 level or the 50% Fib retracement level of the downward move from the 1.0496 swing high to 1.0319 low. The main resistance is near the 1.0450 level.
A clear move above the 1.0450 resistance might send the price towards 1.0500. If the bulls remain in action, the pair could visit the 1.0550 resistance zone in the near term.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.
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