EUR/USD extended its decline to 1.1565 before correcting higher. EUR/JPY is rising, but it is facing hurdles near 129.50 and 129.75.
Important Takeaways for EUR/USD and EUR/JPY
· The Euro gained bearish momentum below 1.1650 and 1.1600.
· There is a major bearish trend line forming with resistance near 1.1600 on the hourly chart.
· EUR/JPY is attempting a recovery wave above the 129.20 resistance level.
· There is a key bullish trend line forming with support near 129.00 on the hourly chart.
EUR/USD Technical Analysis
The Euro started a major decline after it struggled to clear the 1.1750 resistance against the US Dollar. The EUR/USD pair broke the 1.1650 support zone to move into a bearish zone.
The pair even traded below the 1.1600 support and settled below the 50 hourly simple moving average. A low was formed near 1.1563 on FXOpen and the pair is now correcting losses. There was a break above the 1.1600 level.
.... More info: blog FXOpen 
