EUR/USD started a fresh increase above the 1.0775 resistance. USD/JPY is declining and showing bearish signs below the 151.00 level.
Important Takeaways for EUR/USD and USD/JPY Analysis Today
- The Euro is rising and trading well above the 1.0835 resistance zone.
- There is a key bullish trend line forming with support near 1.0775 on the hourly chart of EUR/USD at FXOpen.
- USD/JPY is trading in a bearish zone below the 151.00 and 150.70 levels.
- There was a break below a major bullish trend line with support at 151.65 on the hourly chart at FXOpen.
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair started a fresh increase from the 1.0660 zone. The Euro climbed above the 1.0750 resistance zone against the US Dollar.
The pair even settled above the 1.0775 resistance and the 50-hour simple moving average. Finally, it tested the 1.0885 resistance. A high is formed near 1.0887 and the pair is now consolidating gains.
If there is a downside correction, the pair might test the 23.6% Fib retracement level of the upward move from the 1.0665 swing low to the 1.0886 high at 1.0835. The next major support is forming near a key bullish trend line at 1.0775.
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