EUR/USD started a fresh decline from well above 1.1650. USD/JPY is facing resistance near 114.00 and it might start a fresh decline in the near term.
Important Takeaways for EUR/USD and USD/JPY
· The Euro started a major decline below the 1.1650 and 1.1620 support levels.
· There was a break below a key bullish trend line with support near 1.1590 on the hourly chart of EUR/USD.
· USD/JPY is facing a major resistance near the 114.00 and 114.20 levels.
· There was a break below a key bullish trend line with support near 113.95 on the hourly chart.
EUR/USD Technical Analysis
This past week, the Euro started a major decline from the 1.1690 zone against the US Dollar. The EUR/USD pair traded below the 1.1650 support to move into a bearish zone.
The pair even broke the 1.1620 level and settled below the 50 hourly simple moving average. A low is formed near 1.1535 on FXOpen and the pair is now correcting losses. It recovered above the 1.1550 resistance level..... More info: blog FXOpen
