EUR/USD is eyeing a steady increase above the 1.0750 resistance. EUR/JPY is rising and might rally further if it clears the 144.50 resistance zone.
Important Takeaways for EUR/USD and EUR/JPY
· The Euro started a fresh increase above the 1.0700 support zone.
· There is a key bullish trend line forming with support near 1.0740 on the hourly chart.
· EUR/JPY started a steady increase after it found support near the 141.40.
· There was a break above a major bearish trend line with resistance near 143.65 on the hourly chart.
EUR/USD Technical Analysis
The Euro remained well bid above the 1.0550 zone and started a fresh increase against the US Dollar. The EUR/USD pair was able to clear the 1.0620 resistance.
There was a clear move above the 1.0700 level and the 50 hourly simple moving average. The pair even climbed above the 1.0720 level and the 50 hourly simple moving average. The pair traded as high as 1.0759 on FXOpen and is currently showing positive signs.
On the upside, an immediate resistance is near the 1.0760 level. The next major resistance is near the 1.0780 level. The main resistance is near 1.0800.
A clear move above the 1.0800 resistance might send the price towards 1.0880. If the bulls remain in action, the pair could visit the 1.0950 resistance zone in the near term.
On the downside, the pair might find support near the 1.0740 level. There is also a key bullish trend line forming with support near 1.0740 on the hourly chart. The trend line is near the 23.6% Fib retracement level of the upward move from the 1.0678 swing low to 1.0759 high.
The next major support sits near the 1.0720 level or the 50% Fib retracement level of the upward move from the 1.0678 swing low to 1.0759 high, below which the pair could even test the 1.0680 support zone.
If there is a downside break below the 1.0680 support, the pair might accelerate lower in the coming sessions. In the stated case, it could even test 1.0620.
EUR/JPY Technical Analysis
The Euro formed a base above the 141.40 support zone against the Japanese Yen. The EUR/JPY pair started a decent increase above the 142.20 and 142.50 resistance levels.
There was a clear move above the 143.50 level and the 50 hourly simple moving average. Besides, there was a break above a major bearish trend line with resistance near 143.65 on the hourly chart. The pair even surpassed the 50% Fib retracement level of the downward move from the 145.09 swing high to 141.36 low.
The pair is now trading above the 144.00 level plus the 76.4% Fib retracement level of the downward move from the 145.09 swing high to 141.36 low.
An immediate resistance on the upside is near the 144.80 level. The next major resistance could be near the 145.00 level. If there is an upside break above the 145.00 resistance, the pair could test the 145.50 resistance. Any more gains might send the pair towards the 146.20 level.
On the downside, the pair might find support near the 144.00 level. The next major support is near 143.50. Any more losses could lead the pair towards the 142.50 support level in the near term.
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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