EUR/USD and EUR/JPY At Risk of Fresh Decline

1 February 2023, 19:25

EUR/USD is facing resistance near the 1.0880 zone. EUR/JPY is also facing hurdles and remains at a risk of a downward move below 141.00.

Important Takeaways for EUR/USD and EUR/JPY

· The Euro started a fresh increase from the 1.0800 zone.

· There is a key bearish trend line forming with resistance near 1.0895 on the hourly chart.

· EUR/JPY started a steady increase after it found support near the 140.75.

· There is a connecting bearish trend line forming with resistance near 141.65 on the hourly chart.

EUR/USD Technical Analysis

The Euro formed a base above the 1.0800 zone and started a decent increase against the US Dollar. The EUR/USD pair was able to clear the 1.0820 and 1.0840 resistance levels.

There was a clear move above the 1.0850 level and the 50 hourly simple moving average. The pair even climbed above the 50% Fib retracement level of the downward move from the 1.0913 swing high to 1.0802 low (formed on FXOpen)...More  info:  blog  FXOpen