EUR/USD Faces Hurdles, USD/JPY Continues To Rally
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EUR/USD is attempting an upside correction above 1.0800. USD/JPY rallied above 128.50 and traded to a new 20-year high.
Important Takeaways for EUR/USD and USD/JPY
· The Euro started an upside correction from the 1.0760 zone.
· There was a break above a key bearish trend line with resistance near 1.0805 on the hourly chart of EUR/USD.
· USD/JPY extended rally above 128.00 and traded to a new 20-year high.
· There is a major bullish trend line forming with support near 127.75 on the hourly chart.
EUR/USD Technical Analysis
This past week, the Euro started saw bearish moves below the 1.0950 level against the US Dollar. The EUR/USD pair declined heavily below the 1.0900 support zone.
The pair even broke the 1.0850 level and settled below the 50 hourly simple moving average. A low was formed near 1.0757 on FXOpen and the pair is now correcting higher. There was a move above the 1.0800 resistance level.
Besides, there was a break above a key bearish trend line with resistance near 1.0805 on the hourly chart of EUR/USD. The pair climbed above the 1.0810 zone and the 50 hourly simple moving average.
It tested the 38.2% Fib retracement level of the key decline from the 1.0923 swing high to 1.0757 low. An immediate resistance on the upside is near the 1.0825 level. The next major resistance is near the 1.0840 level.
The 50% Fib retracement level of the key decline from the 1.0923 swing high to 1.0757 low is also near the 1.0840 level. The main resistance is near the 1.0850 level. An upside break above 1.0850 could set the pace for a steady increase.
If not, the pair might drop and test the 1.0800 support. The next major support is near 1.0790 or the 50 hourly simple moving average, , below which the pair could drop to 1.0760 in the near term.
Important Takeaways for EUR/USD and USD/JPY
· The Euro started an upside correction from the 1.0760 zone.
· There was a break above a key bearish trend line with resistance near 1.0805 on the hourly chart of EUR/USD.
· USD/JPY extended rally above 128.00 and traded to a new 20-year high.
· There is a major bullish trend line forming with support near 127.75 on the hourly chart.
EUR/USD Technical Analysis
This past week, the Euro started saw bearish moves below the 1.0950 level against the US Dollar. The EUR/USD pair declined heavily below the 1.0900 support zone.
The pair even broke the 1.0850 level and settled below the 50 hourly simple moving average. A low was formed near 1.0757 on FXOpen and the pair is now correcting higher. There was a move above the 1.0800 resistance level.
Besides, there was a break above a key bearish trend line with resistance near 1.0805 on the hourly chart of EUR/USD. The pair climbed above the 1.0810 zone and the 50 hourly simple moving average.
It tested the 38.2% Fib retracement level of the key decline from the 1.0923 swing high to 1.0757 low. An immediate resistance on the upside is near the 1.0825 level. The next major resistance is near the 1.0840 level.
The 50% Fib retracement level of the key decline from the 1.0923 swing high to 1.0757 low is also near the 1.0840 level. The main resistance is near the 1.0850 level. An upside break above 1.0850 could set the pace for a steady increase.
If not, the pair might drop and test the 1.0800 support. The next major support is near 1.0790 or the 50 hourly simple moving average, , below which the pair could drop to 1.0760 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.
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