The EUR/USD currency pair has begun a steady rise, breaking past the 1.1225 resistance level. Meanwhile, the USD/JPY pair has dropped below 144.50 and is currently stabilizing its losses.
Key Points in EUR/USD and USD/JPY Movements
The Euro found support and started climbing above the 1.1250 resistance zone.
A bullish trend line is forming on the hourly EUR/USD chart, with support near 1.1280.
USD/JPY is trading weakly below key resistance levels of 146.10 and 144.90.
A short-term bearish trend line is visible on the hourly USD/JPY chart, with resistance at 144.25.
EUR/USD Technical Overview
The EUR/USD pair began rising from around 1.1135 and surpassed the 1.1200 resistance level. It then moved above 1.1225 and the 50-hour simple moving average, reaching a high near 1.1340. The pair is now consolidating gains just above the 23.6% Fibonacci retracement level of its recent upward move.
Immediate support is at 1.1310, with stronger support at 1.1280, where a bullish trend line and the 50% Fibonacci retracement level meet. If the price falls below 1.1280, it could drop further to 1.1225. The main support level remains at 1.1135, below which a significant decline may occur.
On the upside, resistance is seen at 1.1340 and then at 1.1420. Breaking above 1.1420 could push the pair toward 1.1550.
USD/JPY Technical Overview
USD/JPY has been declining steadily from above 146.00. The pair lost ground below the 145.00 support and dropped under 144.50 and the 50-hour moving average. It even dipped below 144.00, hitting a low of 143.72, and is now consolidating with a bearish bias.
Resistance lies near 144.25, aligned with the 23.6% Fibonacci retracement of the recent drop and a short-term bearish trend line. Further resistance is at 144.90, near the 50% Fibonacci retracement.
If USD/JPY closes above 144.90 and the hourly RSI rises above 50, it may climb to 145.50, with the next resistance at 146.10. Surpassing 146.10 could lead to a test of 147.50.
Support is found at 143.70 and then at 143.20. A close below 143.20 may lead to a steady fall toward 142.00.
Read More:
