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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 217169, member: 29339"] [B][SIZE=5]EUR/USD and EUR/JPY At Risk of Fresh Decline[/SIZE][/B] [img]https://i.postimg.cc/c1YBGn3h/eur.png[/img] [I]EUR/USD is facing resistance near the 1.0880 zone. EUR/JPY is also facing hurdles and remains at a risk of a downward move below 141.00.[/I] [B]Important Takeaways for EUR/USD and EUR/JPY[/B] [LIST] [*] The Euro started a fresh increase from the 1.0800 zone. [*] There is a key bearish trend line forming with resistance near 1.0895 on the hourly chart. [*] EUR/JPY started a steady increase after it found support near the 140.75. [*] There is a connecting bearish trend line forming with resistance near 141.65 on the hourly chart. [/LIST] [B][SIZE=5]EUR/USD Technical Analysis[/SIZE][/B] The Euro formed a base above the 1.0800 zone and started a decent increase against the US Dollar. The EUR/USD pair was able to clear the 1.0820 and 1.0840 resistance levels. There was a clear move above the 1.0850 level and the 50 hourly simple moving average. The pair even climbed above the 50% Fib retracement level of the downward move from the 1.0913 swing high to 1.0802 low (formed on FXOpen). [B]EUR/USD Hourly Chart[/B] [img]https://i.postimg.cc/nr8KQHyq/eurx.jpg[/img] However, the pair struggled to stay above the 1.0865 level and the 50 hourly simple moving average. It failed to clear the 61.8% Fib retracement level of the downward move from the 1.0913 swing high to 1.0802 low. On the downside, the pair might find support near the 1.0840 level. The next major support sits near the 1.0825 level, below which the pair could even test the 1.0800 support zone. If there is a downside break below the 1.0800 support, the pair might accelerate lower in the coming sessions. In the stated case, it could even test 1.0725. On the upside, an immediate resistance is near the 1.0870 level. There is also a key bearish trend line forming with resistance near 1.0895 on the hourly chart. The next major resistance is near the 1.0920 level. A clear move above the 1.0920 resistance might send the price towards 1.0950. If the bulls remain in action, the pair could visit the 1.1050 resistance zone in the near term. [B]VIEW FULL ANALYSIS VISIT - FXOpen Blog...[/B] [I][B]Disclaimer:[/B] This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.[/I] [/QUOTE]
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