EUR/USD Gathers Pace, USD/JPY Dips Below 150
EUR/USD started a steady increase above the 0.9900 resistance zone. USD/JPY started a downside correction from the 152.00 resistance zone.
Important Takeaways for EUR/USD and USD/JPY
· The Euro formed a base and started a decent upward move above the 0.9850 zone.
· There is a major bullish trend line forming with support near 0.9910 on the hourly chart of EUR/USD.
· USD/JPY declined sharply after it surged to a new multi-year high at 151.94.
· There was a break below a key bullish trend line with support near 150.40 on the hourly chart.
EUR/USD Technical Analysis
This past week, the Euro found support near the 0.9700 zone against the US Dollar. The EUR/USD pair started a steady upward move above the 0.9800 and 0.9820 resistance levels.
There was a key increase above the 0.9900 resistance zone and the 50 hourly simple moving average. The pair even climbed above the 0.9950 resistance zone. A high was formed near 0.9977 on FXOpen and the pair is now consolidating gains.
EUR/USD Hourly Chart
An initial support on the downside is near the 0.9950 level. It is near the 23.6% Fib retracement level of the upward move from the 0.9848 swing low to 0.9977 high.
The first major support is near the 0.9920 level. There is also a major bullish trend line forming with support near 0.9910 on the hourly chart of EUR/USD. The main support sits near the 0.9910 zone. It is near the 50% Fib retracement level of the upward move from the 0.9848 swing low to 0.9977 high.
An immediate resistance on the upside is near the 0.9980 level. The next major resistance is near the 1.0000 level. An upside break above 1.0000 could set the pace for another increase. In the stated case, the pair might revisit 1.0120. Any more gains might send the pair towards 1.0200.
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Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.
Important Takeaways for EUR/USD and USD/JPY
· The Euro formed a base and started a decent upward move above the 0.9850 zone.
· There is a major bullish trend line forming with support near 0.9910 on the hourly chart of EUR/USD.
· USD/JPY declined sharply after it surged to a new multi-year high at 151.94.
· There was a break below a key bullish trend line with support near 150.40 on the hourly chart.
EUR/USD Technical Analysis
This past week, the Euro found support near the 0.9700 zone against the US Dollar. The EUR/USD pair started a steady upward move above the 0.9800 and 0.9820 resistance levels.
There was a key increase above the 0.9900 resistance zone and the 50 hourly simple moving average. The pair even climbed above the 0.9950 resistance zone. A high was formed near 0.9977 on FXOpen and the pair is now consolidating gains.
EUR/USD Hourly Chart
An initial support on the downside is near the 0.9950 level. It is near the 23.6% Fib retracement level of the upward move from the 0.9848 swing low to 0.9977 high.
The first major support is near the 0.9920 level. There is also a major bullish trend line forming with support near 0.9910 on the hourly chart of EUR/USD. The main support sits near the 0.9910 zone. It is near the 50% Fib retracement level of the upward move from the 0.9848 swing low to 0.9977 high.
An immediate resistance on the upside is near the 0.9980 level. The next major resistance is near the 1.0000 level. An upside break above 1.0000 could set the pace for another increase. In the stated case, the pair might revisit 1.0120. Any more gains might send the pair towards 1.0200.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.
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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.