EUR/USD and EUR/JPY Aim More Upsides

FXOpen

EUR/USD is gaining pace above the 1.0000 resistance. EUR/JPY is also rising and might climb further higher above the 147.00 zone.

Important Takeaways for EUR/USD and EUR/JPY

· The Euro started a fresh increase and was able to clear the 0.9950 resistance zone.

· There is a key bullish trend line forming with support near 1.0040 on the hourly chart.

· EUR/JPY started a strong increase and settled well above the 146.00 zone.

· There is a major bearish trend line forming with resistance near 146.65 on the hourly chart.

EUR/USD Technical Analysis

The Euro formed a base above the 0.9740 zone and started recovery wave against the US Dollar. The EUR/USD pair was able to clear the 0.9820 and 0.9900 resistance levels.

There was a clear move above the 0.9950 level and the 50 hourly simple moving average. The pair even climbed above 1.0000 and traded as high as 1.0096 on FXOpen. It is now consolidating gains near the 1.0080 zone.

EUR/USD Hourly Chart

On the downside, the pair might find support near the 1.0050 level. Besides, there is a key bullish trend line forming with support near 1.0040 on the hourly chart. The trend line is near the 50% Fib retracement level of the upward move from the 0.9972 swing low to 1.0096 high.

The next major support sits near the 1.0020 level and the 50 hourly simple moving average, below which the pair could even test the 76.4% Fib retracement level of the upward move from the 0.9972 swing low to 1.0096 high.

If there is a downside break below the 1.0000 support, the pair might accelerate lower in the coming sessions.  In the stated case, it could even test 0.9920.

On the upside, an immediate resistance is near the 1.0095 level. The next major resistance is near the 1.0125 level. The main resistance is near the 1.0150 level. A clear move above the 1.0150 resistance might send the price towards 1.1200. If the bulls remain in action, the pair could revisit the 1.1320 resistance zone in the near term.

EUR/JPY Technical Analysis

The Euro remained in a strong uptrend above the 145.00 level against the Japanese Yen. The EUR/JPY pair gained pace and traded above the 146.00 resistance zone.

There was a clear move above the 146.50 support and the 50 hourly simple moving average. The pair even broke the 146.80 level and traded as high as 146.99. It is now consolidating gains near the 146.50 level.

EUR/JPY Hourly Chart

On the downside, the pair might find support near the 146.30 level. It is near the 23.6% Fib retracement level of the upward move from the 144.03 swing low to 146.99 high.

The next major support is near 145.50 or the 50% Fib retracement level of the upward move from the 144.03 swing low to 146.99 high. Any more losses could lead the pair towards the 145.00 support level in the near term.

An immediate resistance on the upside is near the 146.65 level. There is also a major bearish trend line forming with resistance near 146.65 on the hourly chart.

The next major resistance could be near the 147.00 level. If there is an upside break above the 147.00 resistance, the pair could test the 148.20 resistance. Any more gains might send the pair towards the 150.00 level.

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.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

Latest articles

Commodities

XAU/USD Analysis: Gold Price Chart Displays Bearish Signals

Analysing the XAU/USD chart on October 18, we:

→ Established a long-term upward channel (indicated in blue);
→ Suggested that the target for bulls might be the upper red line, drawn parallel to the red corrective channel.

Since then:
→ The gold

Forex Analysis

Market Analysis: AUD/USD and NZD/USD Rebound Could Be Limited

AUD/USD is attempting a recovery wave from 0.6540. NZD/USD is also correcting losses and might recover further if there is a clear move above the 0.6030 resistance.

Important Takeaways for AUD/USD and NZD/USD Analysis

Shares

Warren Buffett Moves to Cash

On August 30, when the price of Berkshire Hathaway's Class B shares (BRK.B) surpassed $465, we noted that:
→ the stock was forming an ascending channel (shown in blue);
→ as the price neared $475, the likelihood of a slowdown in

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.