EUR/USD has shown bullish momentum as it surpassed the crucial resistance level of 1.0800. This bullish trend has been supported by a key bullish trend line with a support level around 1.0790 on the hourly chart. The pair managed to climb above the resistance zone and settled above the 50-hour simple moving average, indicating a positive outlook. However, there was a minor pullback below the 23.6% Fib retracement level, with immediate support at 1.0800. If the pair breaks below this level, it could test the support at 1.0790. Additionally, a major support level lies at 1.0695, signaling a potential major decline if breached. On the upside, resistance is expected near 1.0840, followed by a significant barrier at 1.0885. An upside break above 1.0885 could lead to further gains, with a target around 1.0950.
USD/JPY Technical Analysis
On the other hand, USD/JPY is displaying bearish signs as it trades below the 150.40 and 150.15 levels. The pair has formed a major bearish trend line with resistance around 150.15 on the hourly chart. The US Dollar has been declining steadily, falling below the 150.00 level and the 50-hour simple moving average. Initial support is seen near 149.65, followed by a crucial level at 149.40. A close below 141.90 could trigger a more significant decline towards the 148.90 support level. However, if the pair manages to break above the resistance at 150.15 and the hourly RSI rises above 50, it could target the 150.40 resistance. Further resistance is anticipated near 150.90, with a potential test of 152.50 in the near future.
EUR/USD has displayed bullish momentum above the 1.0800 resistance, while USD/JPY is facing bearish pressure below the 150.40 level. Traders should pay close attention to key support and resistance levels mentioned in the technical analysis for both currency pairs. Additionally, monitoring the trend lines and moving averages can provide valuable insights into potential price movements. It is essential to conduct thorough research and analysis before making any trading decisions to navigate the dynamic forex market successfully.
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