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EUR/USD Reverses Gains While USD/JPY Aims Higher – Analytics & Forecasts – 8 February 2023

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EUR/USD is correcting lower and trading below 1.0800. USD/JPY is rising and might aim more upsides if it stays above the 130.20 support.

Important Takeaways for EUR/USD and USD/JPY

· The Euro started a downside correction from the 1.1035 resistance zone.

· There is a key bearish trend line forming with resistance near 1.0750 on the hourly chart of EUR/USD.

· USD/JPY is attempting a fresh increase above the 131.00 support zone.

· There was a break above a major contracting triangle with resistance near 130.00 on the hourly chart.

EUR/USD Technical Analysis

This past week, the Euro gained pace above the 1.0950 resistance against the US Dollar. The EUR/USD pair even broke the 1.1000 and 1.1020 resistance levels.

However, the pair failed to surpass the 1.1035 level. A high was formed near 1.1033 and the pair started a fresh decline. There was a clear move below the 1.0950 support zone and the 50 hourly simple moving average…More  info:  blog  FXOpen 

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