EUR/USD and EUR/JPY: Technicals Indicate Further Gains

EUR/USD is trading in a positive zone above the 1.1750 pivot level. EUR/JPY is also rising and it is likely to continue higher above the 125.00 resistance level.

Important Takeaways for EUR/USD and EUR/JPY

  • The Euro gained is holding a couple of important supports near the 1.1700 and 1.1720 levels.
  • There was a break above a major bearish trend line with resistance near 1.1780 on the hourly chart of EUR/USD.
  • EUR/JPY is following a bullish path and it is trading above the 124.60 and 124.20 support levels.
  • There is a crucial bullish trend line forming with support near 124.55 on the hourly chart.

EUR/USD Technical Analysis

In the past few days, there was a steady rise in the Euro above the 1.1700 level against the US Dollar. The EUR/USD pair even traded above 1.1850 resistance level to move into a positive zone.

The pair traded as high as 1.1908 on FXOpen before starting a downside correction. It traded below the 1.1800 level, but the 1.1700 zone acted as a strong support. A low is formed near 1.1695 and the pair is currently rising.

EUR/USD Technical Analysis Euro Dollar

It surpassed the 1.1750 resistance and the 50 hourly simple moving average. It even climbed above the 50% Fib retracement level of the downward move from the 1.1908 high to 1.1695 low.

Moreover, there was a break above a major bearish trend line with resistance near 1.1780 on the hourly chart of EUR/USD. The pair is now trading above the 1.1800 level. An initial resistance is seen near the 1.1825 level.

It is close to the 61.8% Fib retracement level of the downward move from the 1.1908 high to 1.1695 low. A successful break above the 1.1825 and 1.1840 levels may perhaps start a fresh increase in the near term.

In the mentioned case, the pair is likely to revisit the 1.1900 level. Conversely, there might be another downside correction below 1.1800. On the downside, there are many supports, starting with 1.1750.

The main support is still near the 1.1720 and 1.1700 levels, below which the pair is likely to accelerate lower in the near term.

EUR/JPY Technical Analysis

The Euro also remained in a positive zone above 124.00 against the Japanese Yen. The EUR/JPY pair climbed higher nicely above the 124.50 and 125.00 resistance levels.

There was also a close above the 124.00 level and the 50 hourly simple moving average. The pair traded as high as 125.20 before starting a downside correction. However, dips were limited and the pair remained stable above the 124.00 level.

EUR/JPY Technical Analysis Euro Yen

The recent swing low was formed near 124.27 and the pair is currently trading above 124.50. There was a break above the 50% Fib retracement level of the recent decline from the 124.99 high to 124.27 low.

It seems like there is a crucial bullish trend line forming with support near 124.55 on the hourly chart. On the upside, an immediate resistance is near the 124.85 level or the 76.4% Fib retracement level of the recent decline from the 124.99 high to 124.27 low.

A successful break above the 124.85 and 125.00 resistance levels may perhaps start a strong increase in the near term. In the mentioned case, the pair could rise towards the 125.50 level.

If not, the pair could break the trend line support and decline towards the main 124.00 support level. Any further losses could lead EUR/JY towards the 123.20 support.

Aayush Jindal
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