EUR/USD extended its decline and traded close to 1.1520. USD/JPY is rising and it might continue to climb above the 114.00 level.
Important Takeaways for EUR/USD and USD/JPY
· The Euro started a major decline below the 1.1650 and 1.1600 support levels.
· There is a major bearish trend line forming with resistance near 1.1575 on the hourly chart of EUR/USD.
· USD/JPY started a fresh increase and it cleared the 112.00 resistance zone.
· There is a key bullish trend line forming with support near 112.65 on the hourly chart.
EUR/USD Technical Analysis
This past week, the Euro started another decline below the 1.1650 support against the US Dollar. The EUR/USD pair traded below the 1.1600 support to move into a bearish zone.
The pair even broke the 1.1580 level and settled below the 50 hourly simple moving average. A low is formed near 1.1524 on FXOpen and the pair is now consolidating losses. An immediate resistance is near the 1.1560 level. More info: blog FXOpen
