EUR/USD extended its decline and traded close to 1.1665. USD/JPY is rising and it might continue to rise above the 111.70 level.
Important Takeaways for EUR/USD and USD/JPY
· The Euro started a major decline below the 1.1750 and 1.1720 support levels.
· There is a key bearish trend line forming with resistance near 1.1690 on the hourly chart of EUR/USD.
· USD/JPY started a fresh increase and it cleared the 111.00 resistance zone.
· There is a crucial bullish trend line forming with support near 111.40 on the hourly chart.
EUR/USD Technical Analysis
This week, the Euro started another decline below the 1.1750 support against the US Dollar. The EUR/USD pair traded below the 1.1720 support to move into a bearish zone.
The pair even broke the 1.1700 level and settled below the 50 hourly simple moving average. A low is formed near 1.1667 on FXOpen and the pair is now consolidating losses.
An immediate resistance is near the 1.1688 level... More info: blog FXOpen