Re: Technical Analysis by FXOpen
EUR/USD Dips Again While USD/JPY Gains Traction
EUR/USD started a fresh decline from 1.1040. USD/JPY is rising and might climb further toward the 145.00 resistance zone.
Important Takeaways for EUR/USD and USD/JPY Analysis Today
The Euro started a fresh decline from the 1.1040 resistance zone.
There is a key bearish trend line forming with resistance near 1.0975 on the hourly chart of EUR/USD at FXOpen.
USD/JPY climbed higher above the 142.50 and 143.00 levels.
There is a major bullish trend line forming with support near 143.00 on the hourly chart at FXOpen.
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair started a fresh decline from the 1.1040 zone. The Euro declined below the 1.1015 support zone against the US Dollar.
The pair even settled below the 1.1000 zone and the 50-hour simple moving average. A low is formed near 1.0929 and the pair is now correcting losses above the 23.6% Fib retracement level of the recent decline from the 1.1042 swing high to the 1.0929 low.
On the upside, the pair is now facing resistance near the 50-hour simple moving average at 1.0975 and a key bearish trend line. The next major resistance is near 1.1015.
The 76.4% Fib retracement level of the recent decline from the 1.1042 swing high to the 1.0929 low is also near 1.1015. The main resistance is still near 1.1040. An upside break above 1.1040 could set the pace for another increase. In the stated case, the pair might rise toward 1.1100.
If not, the pair might resume its decline. The first major support on the EUR/USD chart is near 1.0930. The next key support is near 1.0910. If there is a downside break below 1.0910, the pair could drop toward 1.0880. The main support is near 1.0850, below which the pair could start a major decline.
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