EUR/USD is attempting an upside correction and facing resistance near 1.0550. USD/JPY might correct lower if it trades below 130.00.
Important Takeaways for EUR/USD and USD/JPY
· The Euro started an upside correction from the 1.0500 zone.
· There is a key bearish trend line forming with resistance near 1.0560 on the hourly chart of EUR/USD.
· USD/JPY extended rally above 130.00 and traded to a new multi-year high.
· There is a major bullish trend line forming with support near 130.00 on the hourly chart.
EUR/USD Technical Analysis
This past week, the Euro started saw bearish moves below the 1.0650 level against the US Dollar. The EUR/USD pair declined heavily below the 1.0550 support zone.
The pair even broke the 1.0500 level and settled below the 50 hourly simple moving average. A low was formed near 1.0482 on FXOpen and the pair is now correcting higher. There was a move above the 1.0550 resistance level...More info: blog FXOpen
