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