EUR/USD is eyeing an upside break above the 1.0750 resistance zone. EUR/JPY is rising and might climb further higher above the 142.50 resistance.
Important Takeaways for EUR/USD and EUR/JPY
· The Euro started a fresh increase above the 1.0650 resistance zone.
· There is a key contracting triangle forming with resistance near 1.0745 on the hourly chart.
· EUR/JPY started a strong increase and settled above the 142.00 support zone.
· There is a major bullish trend line forming with support at 141.20 on the hourly chart.
EUR/USD Technical Analysis
The Euro formed a base above the 1.0500 zone and started a decent increase against the US Dollar. The EUR/USD pair was able to clear the 1.0550 and 1.0580 resistance levels.
There was a clear move above the 1.0650 level and the 50 hourly simple moving average. The pair even climbed above 1.0700 and traded as high as 1.0760 on FXOpen. Recently, there was a downside correction below the 1.0750 support zone.
On the downside, the pair might find support near the 1.0720 level. The next major support sits near the 1.0695 level. The 23.6% Fib retracement level of the upward move from the 1.0482 swing low to 1.0760 high is also near 1.0695, below which the pair could even test the 1.0650 support zone.
If there is a downside break below the 1.0650 support, the pair might accelerate lower in the coming sessions. In the stated case, it could even test 1.0620 or the 50% Fib retracement level of the upward move from the 1.0482 swing low to 1.0760 high.
On the upside, an immediate resistance is near the 1.0750 level. There is also a key contracting triangle forming with resistance near 1.0745 on the hourly chart.
The next major resistance is near the 1.0780 level. A clear move above the 1.0780 resistance might send the price towards 1.0850. If the bulls remain in action, the pair could visit the 1.0950 resistance zone in the near term.
EUR/JPY Technical Analysis
The Euro also followed a similar path from the 140.00 support zone against the Japanese Yen. The EUR/JPY pair gained pace and traded above the 141.20 resistance zone.
There was a clear move above the 141.50 level and the 50 hourly simple moving average. The pair traded as high as 142.27 and is currently consolidating gains. On the downside, the pair might find support near the 141.75 level.
The 23.6% Fib retracement level of the upward move from the 140.15 swing low to 142.27 high is also near the 141.75 level. The next major support is near 141.20.
There is also a major bullish trend line forming with support at 141.20 on the hourly chart. The trend line is near the 50% Fib retracement level of the upward move from the 140.15 swing low to 142.27 high. Any more losses could lead the pair towards the 140.50 support level in the near term.
An immediate resistance on the upside is near the 142.25 level. The next major resistance could be near the 142.50 level. If there is an upside break above the 142.50 resistance, the pair could test the 143.50 resistance. Any more gains might send the pair towards the 144.20 level.
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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