EUR/USD and EUR/JPY Face Key Hurdles
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EUR/USD started a fresh decline and traded below 1.0200. EUR/JPY is attempting a recovery wave and might rally if it clears 137.00.
Important Takeaways for EUR/USD and EUR/JPY
EUR/USD Technical Analysis
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The Euro failed to clear the 1.0360 resistance against the US Dollar. The EUR/USD pair started a major decline below the 1.0300 and 1.0250 support levels.
There was a clear move below the 1.0220 level and the 50 hourly simple moving average. The pair even settled below the 1.0200 level. A low was formed near 1.0122 on FXOpen and the pair is now consolidating losses.
The pair recovered above 1.0150 and tested the 23.6% Fib retracement level of the downward move from the 1.0364 swing high to 1.0122 low.
Besides, there was a break above a key bearish trend line with resistance near 1.0165 on the hourly chart. On the upside, the pair is facing resistance near the 1.0180 level and the 50 hourly simple moving average.
A clear move above the 1.0180 resistance might send the price towards 1.0220. The next major resistance is near the 1.0240 level. It is near the 50% Fib retracement level of the downward move from the 1.0364 swing high to 1.0122 low. If the bulls remain in action, the pair could revisit the 1.0300 resistance zone in the near term.
On the downside, the pair might find support near the 1.0150 level. The next major support sits near the 1.0120 level. If there is a downside break below the 1.0120 support, the pair might accelerate lower in the coming sessions.
VIEW FULL ANALYSIS VISIT - FXOpen Blog
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EUR/USD started a fresh decline and traded below 1.0200. EUR/JPY is attempting a recovery wave and might rally if it clears 137.00.
Important Takeaways for EUR/USD and EUR/JPY
- The Euro started a major below the 1.0220 and 1.0200 support levels.
- There was a break above a key bearish trend line with resistance near 1.0165 on the hourly chart.
- EUR/JPY started an upside correction from the 135.00 support zone.
- There is a major bearish trend line forming with resistance near 136.60 on the hourly chart.
EUR/USD Technical Analysis
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The Euro failed to clear the 1.0360 resistance against the US Dollar. The EUR/USD pair started a major decline below the 1.0300 and 1.0250 support levels.
There was a clear move below the 1.0220 level and the 50 hourly simple moving average. The pair even settled below the 1.0200 level. A low was formed near 1.0122 on FXOpen and the pair is now consolidating losses.
The pair recovered above 1.0150 and tested the 23.6% Fib retracement level of the downward move from the 1.0364 swing high to 1.0122 low.
Besides, there was a break above a key bearish trend line with resistance near 1.0165 on the hourly chart. On the upside, the pair is facing resistance near the 1.0180 level and the 50 hourly simple moving average.
A clear move above the 1.0180 resistance might send the price towards 1.0220. The next major resistance is near the 1.0240 level. It is near the 50% Fib retracement level of the downward move from the 1.0364 swing high to 1.0122 low. If the bulls remain in action, the pair could revisit the 1.0300 resistance zone in the near term.
On the downside, the pair might find support near the 1.0150 level. The next major support sits near the 1.0120 level. If there is a downside break below the 1.0120 support, the pair might accelerate lower in the coming sessions.
VIEW FULL ANALYSIS VISIT - FXOpen Blog