EUR/USD and EUR/JPY Attempt Recovery Wave
EUR/USD started a fresh decline and traded below 1.0150. EUR/JPY is attempting a recovery wave and might rise if it clears 139.50.
Important Takeaways for EUR/USD and EUR/JPY
- The Euro started a major decline from the 1.0250 and 1.0280 resistance levels.
- There is a short-term contracting triangle forming with resistance near 1.0145 on the hourly chart.
- EUR/JPY also started a major decline below the 140.00 and 139.50 support levels.
- There is a key bearish trend line forming with resistance near 139.20 on the hourly chart.
EUR/USD Technical Analysis
The Euro failed to clear the 1.0280 resistance against the US Dollar. The EUR/USD pair started a major decline below the 1.0220 and 1.0200 support levels.
There was a clear move below the 1.0150 level and the 50 hourly simple moving average. The pair even settled below the 1.0180 level. A low was formed near 1.0107 on FXOpen and the pair is now consolidating losses.
EUR/USD Hourly Chart
The pair climbed above the 23.6% Fib retracement level of the downward move from the 1.0250 swing high to 1.0107 low. On the upside, the pair is facing resistance near the 1.0145 level.
There is also a short-term contracting triangle forming with resistance near 1.0145 on the hourly chart. A clear move above the triangle resistance might send the price towards 1.0165. The next major resistance is near the 1.0180 level.
It is near the 50% Fib retracement level of the downward move from the 1.0250 swing high to 1.0107 low. If the bulls remain in action, the pair could revisit the 1.0250 resistance zone in the near term.
On the downside, the pair might find support near the 1.0120 level. The next major support sits near the 1.0100 level. If there is a downside break below the 1.0100 support, the pair might accelerate lower in the coming sessions.
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