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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 193860, member: 29339"] [B]EUR/USD and EUR/JPY: Euro is Eyeing More Gains[/B] [IMG]https://i.postimg.cc/FFbzsx7y/euro-2.jpg[/IMG] [I]EUR/USD started a fresh increase above the 1.1820 and 1.1850 resistance levels. EUR/JPY is correcting gains, but it is likely to restart its rise above 130.50.[/I] [B]Important Takeaways for EUR/USD and EUR/JPY[/B] [LIST] [*] [*]The Euro formed a base above 1.1720 and started a fresh increase above 1.1800. [*]EUR/JPY is also trading in a positive zone above the 130.00 support. [*]There is a major bullish trend line forming with support near 129.95 on the hourly chart. [/LIST] [B]EUR/USD Technical Analysis[/B] [IMG]https://i.postimg.cc/CLF1ZfqW/eurusd-chart.png[/IMG] After trading close to the 1.1700 level, the Euro started a fresh increase against the US Dollar. The EUR/USD pair broke the 1.1780 and 1.1800 resistance levels to move into a positive zone. There was also a break above a couple of bullish continuation patterns near 1.1765 and 1.1820 on the hourly chart of EUR/USD. It opened the doors for more gains above the 1.1850 level and the 50 hourly simple moving average. It traded as high as 1.1877 on FXOpen and it is now consolidating gains. An initial support is near the 1.1855 level. It is near the 23.6% Fib retracement level of the recent increase from the 1.1795 low to 1.1877 high. Any more losses might call for a test of the 1.1840 support or the 50% Fib retracement level of the recent increase from the 1.1795 low to 1.1877 high. The next major support is near the 1.1800 level or the 50 hourly simple moving average. On the upside, the pair is facing resistance near the 1.1880 level. The next major resistance is near the 1.1920 level. A clear break above 1.1920 might start a steady increase towards the 1.2000 resistance. The next major resistance above the 1.2000 level sits near the 1.2050 level. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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