EUR/USD started a fresh increase from the 1.0350 zone. EUR/JPY is also rising and might gain pace if it clears the 136.80 resistance zone.
Important Takeaways for EUR/USD and EUR/JPY
· The Euro started a steady increase above the 1.0480 and 1.0500 resistance levels.
· There is a key bullish trend line forming with support near 1.0625 on the hourly chart.
· EUR/JPY gained pace for a move above the 135.50 resistance zone.
· It cleared a major bearish trend line with resistance near 135.40 on the hourly chart.
EUR/USD Technical Analysis
The Euro found support and started a fresh increase above the 1.0400 level against the US Dollar. The EUR/USD pair gained strength for a move above the 1.0500 resistance zone.
There was a clear move above the 1.0550 level and the 50 hourly simple moving average. Besides, the pair surpassed the 1.0620 level and traded as high as 1.0697 on FXOpen. It is now consolidating gains above the 1.0650.
The pair is trading above the 23.6% Fib retracement level of the upward move from the 1.0532 swing low to 1.0697 high. On the downside, the pair might find support near the 1.0640 level.
There is also a key bullish trend line forming with support near 1.0625 on the hourly chart. The next major support sits near the 1.0615 level or the 50% Fib retracement level of the upward move from the 1.0532 swing low to 1.0697 high.
If there is a downside break below the 1.0615 support, the pair might accelerate lower. On the upside, the pair is facing resistance near the 1.0695 level. The next major resistance is near the 1.0700 level.
A clear break above the 1.0700 resistance could push EUR/USD towards 1.0750. If the bulls remain in action, the pair could revisit the 1.0820 resistance zone in the near term.
EUR/JPY Technical Analysis
The Euro started a major increase above the 134.50 resistance against the Japanese Yen. The EUR/JPY pair gained pace and was able to surpass the 135.50 resistance zone.
There was a clear move above a major bearish trend line with resistance near 135.40 on the hourly chart. The pair even surpassed the 136.50 level and settled above the 50 hourly simple moving average.
A high is formed near 136.79 and the pair is consolidating gains. It already tested the 23.6% Fib retracement level of the upward move from the 134.58 swing low to 136.79 high. The next major support is near the 136.00 level.
The main support sits near the 135.70 level. It is near the 50% Fib retracement level of the upward move from the 134.58 swing low to 136.79 high.
Any more losses could lead the pair towards the 135.00 support level in the near term. On the upside, an immediate resistance is near the 136.70 level. If there is an upside break above the 136.70 resistance, the pair could test the 137.20 resistance.
The next major resistance could be near the 138.00 level, above which the pair could gain bullish momentum. In the stated case, the pair could rise towards the 139.50 level.
This forecast represents FXOpen Markets Limited opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Markets Limited products and services or as financial advice.
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