EUR/USD and EUR/JPY Could Extend Downsides
Diupdate
UR/USD started a fresh decline from the 1.0750 resistance. EUR/JPY could extend downsides if there is a move below the 136.50 support.
Important Takeaways for EUR/USD and EUR/JPY
· The Euro failed to clear the 1.0750 resistance and started a fresh decline.
· There is a key bullish trend line forming with support near 1.0500 on the hourly chart.
· EUR/JPY started a downside correction from the 138.00 resistance zone.
· A major bearish trend line is forming with resistance near 137.20 on the hourly chart.
EUR/USD Technical Analysis
The Euro made a couple of attempts to clear the 1.0750 resistance zone against the US Dollar. However, the EUR/USD pair failed to gain strength above 1.0750 and started a fresh decline.
The pair declined below the 1.0600 support and the 50 hourly simple moving average. The pair even moved below the 1.0550 support level. A low was formed near 1.0470 on FXOpen before the pair started a short-term upside correction.
EUR/USD Hourly Chart
There was a move above the 1.0520 resistance level. It corrected above the 23.6% Fib retracement level of the key drop from the 1.0758 high to 1.0470 low.
On the upside, the pair is facing resistance near the 1.0580 level. It is near the 38.2% Fib retracement level of the key drop from the 1.0758 high to 1.0470 low. The next major resistance is near the 1.0620 level.
A clear break above the 1.0620 resistance could push EUR/USD towards 1.0700. If the bulls remain in action, the pair could revisit the 1.0750 resistance zone in the near term.
On the downside, the pair might find support near the 1.0500 level. There is also a key bullish trend line forming with support near 1.0500 on the hourly chart. If there is a downside break below the 1.0500 support, the pair might accelerate lower. The next major support sits near the 1.0470 level, below which there is a risk of a larger decline.
Important Takeaways for EUR/USD and EUR/JPY
· The Euro failed to clear the 1.0750 resistance and started a fresh decline.
· There is a key bullish trend line forming with support near 1.0500 on the hourly chart.
· EUR/JPY started a downside correction from the 138.00 resistance zone.
· A major bearish trend line is forming with resistance near 137.20 on the hourly chart.
EUR/USD Technical Analysis
The Euro made a couple of attempts to clear the 1.0750 resistance zone against the US Dollar. However, the EUR/USD pair failed to gain strength above 1.0750 and started a fresh decline.
The pair declined below the 1.0600 support and the 50 hourly simple moving average. The pair even moved below the 1.0550 support level. A low was formed near 1.0470 on FXOpen before the pair started a short-term upside correction.
EUR/USD Hourly Chart
There was a move above the 1.0520 resistance level. It corrected above the 23.6% Fib retracement level of the key drop from the 1.0758 high to 1.0470 low.
On the upside, the pair is facing resistance near the 1.0580 level. It is near the 38.2% Fib retracement level of the key drop from the 1.0758 high to 1.0470 low. The next major resistance is near the 1.0620 level.
A clear break above the 1.0620 resistance could push EUR/USD towards 1.0700. If the bulls remain in action, the pair could revisit the 1.0750 resistance zone in the near term.
On the downside, the pair might find support near the 1.0500 level. There is also a key bullish trend line forming with support near 1.0500 on the hourly chart. If there is a downside break below the 1.0500 support, the pair might accelerate lower. The next major support sits near the 1.0470 level, below which there is a risk of a larger decline.
Catatan
Disclaimer: 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.
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