J.J. Edwards’ Market Analysis at FenzoFx

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Euro Eyes Breakout Ahead of Rate Decision​

FenzoFx—EUR/USD is trading lower today, below the descending trendline. The price has been reacting to the ascending trendline multiple times as shown on the chart. There is a double bottom formed at $1.1584, which could limit the upside momentum as liquidity rests below them. As we approach the US interest rate decision, we expect Euro to trade higher against the U.S. dollar and break above the descending trendline.

In this scenario, Euro could rally to 1.1766, followed by 1.1830. On the flip side, if Euro remains below the descending trendline, the price could target the double bottom at 1.1584, as sell-side liquidity is resting below this level.

 

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Japanese Yen Consolidates Near Critical Support​

FenzoFx—Japanese Yen is consolidating near 0.0065 after the price slightly gapped below this level on Monday. This level has further support from the lower line of the bearish channel.

The primary trend is bearish. However, the currency is oversold. Therefore, a consolidation toward higher resistance levels is expected before the downtrend resumes. In this scenario, JPY could tap into the liquidity void at 0.0066. This level can provide a premium price to sell JPY against other major currencies such as GBP and EUR.