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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 197172, member: 29339"] [B]EUR/USD and EUR/JPY: Euro Remains At Risk of More Downsides[/B] [IMG]https://i.postimg.cc/yNnFvGWb/Euro-EUR-USD.jpg[/IMG] [B][I]EUR/USD started a fresh decline and it settled below 1.1900. EUR/JPY is showing bearish signs and upsides are likely to remain limited above 131.00.[/I] Important Takeaways for EUR/USD and EUR/JPY[/B] [LIST] [*] [*]The Euro declined below the 1.1920 and 1.1900 support levels, and tested 1.1800. [*]There was a break below a short-term ascending channel with support near 1.1865 on the hourly chart. [*]EUR/JPY started a major decline after it failed to stay above the 131.50 support. [*]There is a key bearish trend line forming with resistance near 131.80 on the hourly chart. [/LIST] [B]EUR/USD Technical Analysis[/B] The Euro started a fresh decline from the 1.2000 resistance zone against the US Dollar. The EUR/USD pair broke the 1.1920 and 1.1900 support levels to move into a bearish zone. The pair even settled well below 1.1900 and the 50 hourly simple moving average. Recently, there was a break below a short-term ascending channel with support near 1.1865 on the hourly chart. [IMG]https://i.postimg.cc/zBBTMkgX/eurusd-chart.png[/IMG] A low was formed near 1.1807 on FXOpen and the pair is now consolidating losses. An immediate resistance is near the 1.1828 level. It is near the 23.6% Fib retracement level of the recent decline from the 1.1894 high to 1.1807 low. The first major resistance is near the 1.1850 level. It is near the 50% Fib retracement level of the recent decline from the 1.1894 high to 1.1807 low. Any more gains could set the pace for a move towards the 1.1900 level. The next major resistance is near the 1.1950 level. On the downside, an immediate support is near the 1.1800 level. If there is a downside break, EUR/USD might continue to move down towards the 1.1760 support. Any more losses could open the doors for a test of the 1.1700 region. An intermediate support could be near the 1.1720 level. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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