EUR/USD started a steady increase above the 0.9900 resistance zone. USD/JPY started a downside correction from the 152.00 resistance zone.
Important Takeaways for EUR/USD and USD/JPY
· The Euro formed a base and started a decent upward move above the 0.9850 zone.
· There is a major bullish trend line forming with support near 0.9910 on the hourly chart of EUR/USD.
· USD/JPY declined sharply after it surged to a new multi-year high at 151.94.
· There was a break below a key bullish trend line with support near 150.40 on the hourly chart.
EUR/USD Technical Analysis
This past week, the Euro found support near the 0.9700 zone against the US Dollar. The EUR/USD pair started a steady upward move above the 0.9800 and 0.9820 resistance levels.
There was a key increase above the 0.9900 resistance zone and the 50 hourly simple moving average. The pair even climbed above the 0.9950 resistance zone. A high was formed near 0.9977 on FXOpen and the pair is now consolidating gains…More info: blog FXOpen