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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 202426, member: 29339"] [B][SIZE=5]EUR/USD and EUR/JPY: Euro Eyes Fresh Increase[/SIZE][/B] [img]https://i.postimg.cc/V6mZ0RXt/Euro-Dollar.jpg[/img] [B][I]EUR/USD is attempting a fresh increase from the 1.1220 support zone. EUR/JPY is rising, but it is facing hurdles near 128.30 and 128.50.[/I] [SIZE=3]Important Takeaways for EUR/USD and EUR/JPY[/SIZE][/B] [LIST] [*] The Euro gained bearish momentum below 1.1350 and 1.1300. [*] There was a break above a major bearish trend line with resistance near 1.1280 on the hourly chart. [*] EUR/JPY is attempting a recovery wave above the 128.00 resistance level. [*] There is a key bullish trend line forming with support near 127.85 on the hourly chart. [/LIST] [B][SIZE=3]EUR/USD Technical Analysis[/SIZE][/B] The Euro started a major decline after it struggled to clear the 1.1350 resistance against the US Dollar. The EUR/USD pair broke the 1.1300 support zone to move into a bearish zone. The pair even traded below the 1.1250 support and settled below the 50 hourly simple moving average. A low was formed near 1.1227 on FXOpen and the pair is now correcting losses. There was a break above the 1.1260 level. [B]EUR/USD Hourly Chart[/B] [img]https://i.postimg.cc/fLC2c9vr/EURUSD-Chart-1x.jpg[/img] The pair even spiked above the 1.1285 resistance level. There was a clear move above a major bearish trend line with resistance near 1.1280 on the hourly chart. It is now facing resistance near the 1.1300 zone and the 50 hourly simple moving average. It is close to the 50% Fib retracement level of the downward move from the 1.1357 swing high to 1.1227 low. The next major resistance is near the 1.1315 level. It is close to the 61.8% Fib retracement level of the downward move from the 1.1357 swing high to 1.1227 low. The main resistance is forming near the 1.1320 and 1.1335 levels. A clear break above the 1.1335 resistance could push EUR/USD towards 1.1400. On the downside, the 1.1250 level is a major support. Any more losses might lead EUR/USD towards the 1.1200 support zone in the near term. The next major support sits near the 1.1150 level. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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