EUR/USD declined heavily in July and August 2019 before it found support near 1.0925. USD/JPY is also trading in a bearish zone below the main 107.50 and 108.00 resistance levels on the daily chart.
Important Takeaways for EUR/USD and USD/JPY
- The Euro broke many supports and settled below the key 1.1150 support against the US Dollar.
- There is a key bearish trend line forming with resistance near 1.1120 on the daily chart of EUR/USD.
- USD/JPY started consolidating gains with corrective moves from the 104.45 low.
- There is a major bearish trend line forming with resistance near 107.50 on the daily chart.
EUR/USD Technical Analysis
In the past few months, the Euro failed to gain bullish momentum and declined below the 1.1200 support level against the US Dollar. The EUR/USD pair declined heavily and broke the key 1.1150 support area.
Finally, there was a close below 1.1150 and the 50-day simple moving average. The pair declined to a new multi-month low at 1.0925 on FXOpen and recently started an upside correction.
EUR/USD declined heavily in July and August 2019 before it found support near 1.0925. USD/JPY is also trading in a bearish zone below the main 107.50 and 108.00 resistance levels on the daily chart.
Important Takeaways for EUR/USD and USD/JPY
The Euro broke many supports and settled below the key 1.1150 support against the US Dollar.
There is a key bearish trend line forming with resistance near 1.1120 on the daily chart of EUR/USD.
USD/JPY started consolidating gains with corrective moves from the 104.45 low.
There is a major bearish trend line forming with resistance near 107.50 on the daily chart.
EUR/USD Technical Analysis
In the past few months, the Euro failed to gain bullish momentum and declined below the 1.1200 support level against the US Dollar. The EUR/USD pair declined heavily and broke the key 1.1150 support area.
Finally, there was a close below 1.1150 and the 50-day simple moving average. The pair declined to a new multi-month low at 1.0925 on FXOpen and recently started an upside correction.
It corrected above the 105.50 level plus the 23.6% Fib retracement level of the last key decline from the 109.31 high to 104.45 low. However, there are many resistances on the upside near the 107.50 and 108.00 levels.
Moreover, there is a major bearish trend line forming with resistance near 107.50 on the daily chart. The trend line is close to the 50% Fib retracement level of the last key decline from the 109.31 high to 104.45 low.
Additionally, the 50-day simple moving average is positioned near the 107.25 level to act as a resistance. Therefore, the pair is likely to face a lot of hurdles near the 107.50 and 108.00 levels.
A successful close above 108.00 is likely to start a strong upward move towards 110.00 in the coming weeks. Conversely, if USD/JPY fails to break 108.00, it could retreat lower and revisit the 105.00 support area.
