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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 202176, member: 29339"] [B][SIZE=5]EUR/USD Starts Fresh Increase, USD/JPY Bears Remain In Action[/SIZE][/B] [img]https://i.postimg.cc/pLXGLvk2/Euro-EUR-1.jpg[/img] [B][I]EUR/USD started a fresh increase above the 1.1300 resistance. USD/JPY is declining and might accelerate lower below the 113.00 support.[/I] Important Takeaways for EUR/USD and USD/JPY[/B] [LIST] [*] The Euro started a steady increase above the 1.1280 and 1.1300 resistance levels. [*] There is a major bullish trend line forming with support near 1.1270 on the hourly chart of EUR/USD. [*] USD/JPY started a fresh decline from well above the 114.50 level. [*] [/LIST] [B][SIZE=3]EUR/USD Technical Analysis[/SIZE][/B] This week, the Euro started a steady increase above the 1.1280 resistance against the US Dollar. The EUR/USD pair gained pace for a move above the 1.1300 resistance. The pair even broke the 1.1320 level and settled above the 50 hourly simple moving average. A high was formed near 1.1382 and there was a downside correction. A low was formed near 1.1235 on FXOpen and the pair is now rising. [B]EUR/USD Hourly Chart[/B] [img]https://i.postimg.cc/s2MT5Jtq/EURUSD-Chart.jpg[/img] It broke the 50% Fib retracement level of the recent decline from the 1.1382 swing high to 1.1235 low. An immediate resistance on the upside is near the 1.1340 level. The next major resistance is near the 1.1360 level. It is near the 76.4% Fib retracement level of the recent decline from the 1.1382 swing high to 1.1235 low. The main resistance is near the 1.1380 level, above which the pair could accelerate higher. If there is no break above 1.1360, the pair might start a downside correction. An immediate support is near the 1.1280. The next major support is near 1.1270. There is also a major bullish trend line forming with support near 1.1270 on the hourly chart of EUR/USD. Any more losses might push the EUR/USD pair towards the 1.1220 support in the near term. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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