EUR/USD is struggling to recover above the 1.1600 resistance. EUR/JPY is diving, and it could extend losses below the 130.50 support.
Important Takeaways for EUR/USD and EUR/JPY
· The Euro started a recovery wave above the 1.1550 and 1.1560 levels.
· There is a key contracting triangle forming with support near 1.1580 on the hourly chart.
· EUR/JPY is declining and is trading below the 131.20 level.
· There is a key bearish trend line forming with resistance near 131.00 on the hourly chart.
EUR/USD Technical Analysis
The Euro started another decline after it struggled to clear the 1.1620 resistance against the US Dollar. The EUR/USD pair broke the 1.1550 support zone to move into a bearish zone.
The pair even traded below the 1.1520 support and settled below the 50 hourly simple moving average. A low was formed near 1.1513 on FXOpen and the pair is now correcting losses. There was a break above the 1.1550 and 1.1560 resistance levels...... More info: blog FXOpen
