EUR/USD started a fresh increase above the 1.1380 resistance. EUR/JPY is rising and aiming an upside break above the 132.20 resistance zone.
Important Takeaways for EUR/USD and EUR/JPY
· The Euro started a fresh increase after it formed a base above the 1.1300 level.
· There is key bullish trend line forming with support near 1.1410 on the hourly chart.
· EUR/JPY gained bullish momentum after it broke the 130.80 resistance zone.
· There is a major bullish trend line forming with support near 130.65 on the hourly chart.
EUR/USD Technical Analysis
The Euro formed a base above the 1.1180 level against the US Dollar. The EUR/USD pair started a steady increase and was able to clear many hurdles near 1.1250.
The pair traded above the 1.1350 resistance and the 50 hourly simple moving average. Besides, there was a clear move above the 1.1400 level. The pair traded as high as 1.1483 on FXOpen and is currently correcting gains.
There was a move below the 1.1450 support level. EUR/USD declined below the 23.6% Fib retracement level of the upward move from the 1.1267 swing low to 1.1483 high.
However, the bulls are now protecting the 1.1400 support zone. There is also a key bullish trend line forming with support near 1.1410 on the hourly chart. If there is a downside break below the trend line, the pair could test 1.1375.
It is near the 50% Fib retracement level of the upward move from the 1.1267 swing low to 1.1483 high. The next major support sits near the 1.1340 level. On the upside, the pair is facing resistance near the 1.1450 level.
The next major resistance is near the 1.1480 level. The main resistance is forming near the 1.1500 level. A clear break above the 1.1500 resistance could push EUR/USD towards 1.1550. If the bulls remain in action, the pair could rise above the 1.1620 resistance zone in the near term.
EUR/JPY Technical Analysis
The Euro also followed a similar path from the 128.50 support against the Japanese Yen. The EUR/JPY pair traded above the 129.50 resistance zone to move into a positive zone.
The pair settled above the 130.00 zone and the 50 hourly simple moving average. It even cleared the 132.00 level and formed a high near 132.12. Recently, there was a minor downside correction below the 131.80 level.
The pair tested the 23.6% Fib retracement level of the upward move from the 128.35 swing low to 132.12 high. There is also a major bullish trend line forming with support near 130.65 on the hourly chart.
The next major support is near the 130.25 level. It is near the 50% Fib retracement level of the upward move from the 128.35 swing low to 132.12 high.
Any more losses could lead the pair towards the 129.50 support level in the near term. On the upside, an immediate resistance is near the 132.15 level. If there is an upside break above the 132.15 resistance, the pair could start a fresh increase above 132.20.
The next major resistance could be near the 132.80 level, above which the pair could gain bullish momentum. In the stated case, the pair could rise towards the 133.50 level. Any more gains could lead the pair towards the 135.00 level in the near term.
This forecast represents FXOpen Markets Limited opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Markets Limited products and services or as financial advice.
Be the first to comment