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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 194941, member: 29339"] [B]EUR/USD is Facing Hurdles, USD/JPY Remains Elevated[/B] [IMG]https://i.postimg.cc/pTqT6zVV/Euro-Dollar-Forecast2.jpg[/IMG] [I]EUR/USD failed to stay above the 1.2100 zone and corrected lower. USD/JPY is trading in a positive zone above 109.00 and it is now approaching a major breakout.[/I] [B]Important Takeaways for EUR/USD and USD/JPY[/B] [LIST] [*] [*]The Euro started a fresh decline from well above the 1.2100 pivot level. [*]There is a key bearish trend line forming with resistance near 1.2040 on the hourly chart of EUR/USD. [*]USD/JPY started a decent increase above the 108.50 and 109.00 resistance levels. [*]There is a major breakout pattern forming with resistance near 109.38 on the hourly chart. [/LIST] [B]EUR/USD Technical Analysis[/B] After a spike above the 1.2125 level, the Euro faced a fresh round of selling against the US Dollar. As a result, the EUR/USD pair started a fresh decline below the 1.2100 pivot level. The pair broke a few key supports near 1.2080 and 1.2050. It even spiked below the 1.2000 level and settled well below the 50 hourly simple moving average. A low is formed near 1.1999 on FXOpen and the pair is correcting higher. [IMG]https://i.postimg.cc/D00Zk0mr/eurusd-chart.png[/IMG] There was a break above the 23.6% Fib retracement level of the recent decline from the 1.2075 high to 1.1999 low. The first major resistance on the upside is near the 1.2035 level. There is also a key bearish trend line forming with resistance near 1.2040 on the hourly chart of EUR/USD. The trend line is close to the 50% Fib retracement level of the recent decline from the 1.2075 high to 1.1999 low. The 50 hourly simple moving average is also near the 1.2035 zone to act as a hurdle. If there is an upside break above the 50 hourly simple moving average and the trend line, the pair could rise further towards the 1.2100 pivot level. If not, there is a risk of more downsides below 1.2010. The main support is near 1.2000. A close below 1.2000 could open the doors for a move towards the 1.1920 support. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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