EUR/USD Rallies While USD/JPY Takes A Major Hit

16 November 2022, 09:36

EUR/USD started a strong increase above the 1.0200 resistance zone. USD/JPY started a major decline below the 143.50 support zone.

Important Takeaways for EUR/USD and USD/JPY

· The Euro formed a base and started a strong upward move above the 1.0200 zone.

· There is a key bullish trend line forming with support near 1.0290 on the hourly chart of EUR/USD.

· USD/JPY declined sharply after it traded below the 145.60 support zone.

· There is a major bearish trend line forming with resistance near 143.55 on the hourly chart.

EUR/USD Technical Analysis

This past week, the Euro found support near the 0.9950 zone against the US Dollar. The EUR/USD pair started a steady upward move above the 1.0100 and 1.0200 resistance levels.

There was a steady increase above the 1.0350 resistance zone and the 50 hourly simple moving average. The pair even climbed above the 1.0400 resistance zone. A high was formed near 1.0479 on FXOpen and the pair is now consolidating gains...More  info:  blog  FXOpen 

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