EUR/USD and EUR/JPY Could Climb Further Higher
EUR/USD is eyeing an upside break above the 1.0750 resistance zone. EUR/JPY is rising and might climb further higher above the 142.50 resistance.
Important Takeaways for EUR/USD and EUR/JPY
- The Euro started a fresh increase above the 1.0650 resistance zone.
- There is a key contracting triangle forming with resistance near 1.0745 on the hourly chart.
- EUR/JPY started a strong increase and settled above the 142.00 support zone.
- There is a major bullish trend line forming with support at 141.20 on the hourly chart.
EUR/USD Technical Analysis
The Euro formed a base above the 1.0500 zone and started a decent increase against the US Dollar. The EUR/USD pair was able to clear the 1.0550 and 1.0580 resistance levels.
There was a clear move above the 1.0650 level and the 50 hourly simple moving average. The pair even climbed above 1.0700 and traded as high as 1.0760 on FXOpen. Recently, there was a downside correction below the 1.0750 support zone.
EUR/USD Hourly Chart
On the downside, the pair might find support near the 1.0720 level. The next major support sits near the 1.0695 level. The 23.6% Fib retracement level of the upward move from the 1.0482 swing low to 1.0760 high is also near 1.0695, below which the pair could even test the 1.0650 support zone.
If there is a downside break below the 1.0650 support, the pair might accelerate lower in the coming sessions. In the stated case, it could even test 1.0620 or the 50% Fib retracement level of the upward move from the 1.0482 swing low to 1.0760 high.
On the upside, an immediate resistance is near the 1.0750 level. There is also a key contracting triangle forming with resistance near 1.0745 on the hourly chart.
The next major resistance is near the 1.0780 level. A clear move above the 1.0780 resistance might send the price towards 1.0850. If the bulls remain in action, the pair could visit the 1.0950 resistance zone in the near term.
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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.