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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 203369, member: 29339"] [B][SIZE=5]EUR/USD Struggle Continues, USD/JPY Extends Rally[/SIZE][/B] [img]https://i.postimg.cc/L8yX2Dfv/Euro-Pound-Yen.jpg[/img] [B][I]EUR/USD started a fresh decline from well above 1.1350. USD/JPY started a major increase above the 115.00 and 115.50 resistance levels.[/I] [SIZE=3]Important Takeaways for EUR/USD and USD/JPY[/SIZE][/B] [LIST] [*] The Euro failed to gain strength above the 1.1350 and 1.1380 resistance levels. [*] There is a key bearish trend line forming with resistance near 1.1300 on the hourly chart of EUR/USD. [*] USD/JPY started a fresh increase above the 115.00 resistance zone. [*] There was a break above a major rising channel with resistance near 115.55 on the hourly chart. [/LIST] [B][SIZE=3]EUR/USD Technical Analysis[/SIZE][/B] Recently, the Euro failed to clear the 1.1385 zone against the US Dollar. The EUR/USD pair started a fresh decline and traded below the 1.1320 support zone. The pair even broke the 1.1300 level and settled below the 50 hourly simple moving average. A low was formed near 1.1272 on FXOpen and the pair is now consolidating. An immediate resistance on the upside is near the 1.1300 level. [B]EUR/USD Hourly Chart[/B] [img]https://i.postimg.cc/hGfGjm1n/EURUSD-Chartx.jpg[/img] It is near the 23.6% Fib retracement level of the recent decline from the 1.1388 swing high to 1.1272 low. The next major resistance is near the 1.1305 level. There is also a key bearish trend line forming with resistance near 1.1300 on the hourly chart of EUR/USD. The main resistance is near the 1.1320 level and the 50 hourly simple moving average. It is near the 50% Fib retracement level of the recent decline from the 1.1388 swing high to 1.1272 low. If there is no break above 1.1320, the pair might start a fresh decline. An immediate support is near the 1.1275. The next major support is near 1.1260, below which the pair could dive to 1.1220 in the near term. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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