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.
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.
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 global forex with the best ECN broker of 2021*. Choose from 50+ forex markets 24/5. Open your FXOpen account now or learn more about making your money go further with FXOpen.
* FXOpen International, best ECN broker of 2021, according to the IAFT
