EUR/USD Could Correct Lower While USD/JPY Starts Fresh Increase

EUR/USD is correcting lower and trading below 1.0820. USD/JPY could gain bullish momentum if there is a clear move above the 130.80 resistance.

Important Takeaways for EUR/USD and USD/JPY

· The Euro started a downside correction from the 1.0870 resistance zone.

· There was a break below a key bullish trend line with support near 1.0800 on the hourly chart of EUR/USD.

· USD/JPY is attempting a fresh increase above the 130.00 support zone.

· There was a break above a major bearish trend line with resistance near 129.20 on the hourly chart.

EUR/USD Technical Analysis

This past week, the Euro found support near the 1.0700 zone against the US Dollar. The EUR/USD pair started a steady upward move above the 1.0750 and 1.0800 resistance levels.

There was a clear increase above the 1.0820 resistance zone and the 50 hourly simple moving average. The pair even climbed towards the 1.0850 resistance zone. A high was formed near 1.0874 on FXOpen and the pair is now correcting gains...More  info:  blog  FXOpen