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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 198435, member: 29339"] [B]EUR/USD and EUR/JPY: Euro Eyes Recovery[/B] [IMG]https://i.postimg.cc/rwFwQ3fz/Euro-EURUSD-1.jpg[/IMG] [B][I]EUR/USD extended its decline and tested the 1.1700 support zone. EUR/JPY is currently attempting an upside correction above the 128.40 resistance.[/I] Important Takeaways for EUR/USD and EUR/JPY[/B] [LIST] [*] [*]The Euro extended its decline below the 1.1750 and 1.1720 support levels. [*]There was a break below a key contracting triangle with support near 1.1765 on the hourly chart. [*]EUR/JPY also gained bearish momentum below the 129.00 support zone. [*]There is a major bearish trend line forming with resistance near 128.40 on the hourly chart. [/LIST] [B]EUR/USD Technical Analysis[/B] [IMG]https://i.postimg.cc/vZqHjhKh/eurusd-chart-2.png[/IMG] The Euro started a major decline after it struggled to clear the 1.1800 resistance against the US Dollar. The EUR/USD pair broke the 1.1750 support zone to move into a bearish zone. There was also a break below a key contracting triangle with support near 1.1765 on the hourly chart. The pair traded below the 1.1720 support and settled below the 50 hourly simple moving average. A low is formed near 1.1702 on FXOpen and the pair is now correcting losses. There was a break above the 1.1715 level. An immediate resistance is near the 1.1725 level. It is near the 23.6% Fib retracement level of the recent decline from the 1.1804 high to 1.1702 low. The main resistance is still forming near the 1.1740 and 1.1750 levels. It is near the 50% Fib retracement level of the recent decline from the 1.1804 high to 1.1702 low. A clear break above the 1.1750 resistance could push EUR/USD towards 1.1800. On the downside, the 1.1700 level is a major support. Any more losses might lead EUR/USD towards the 1.1650 support zone. The next major support sits near the 1.1620 level. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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