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Daily Market Analysis By FXOpen
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[QUOTE="FXOpen Trader, post: 344817, member: 104606"] [B][SIZE=5]Market Analysis: EUR/USD Nosedives While USD/JPY Extend Rally[/SIZE][/B] [img]https://i.imgur.com/UUweOQN.jpeg[/img] [I]EUR/USD started another decline and traded below 1.0700. USD/JPY surged and broke the 154.00 resistance zone.[/I] [B]Important Takeaways for EUR/USD and USD/JPY Analysis Today[/B] [LIST] [*] The Euro started a fresh decline below the 1.0695 support zone. [*] There was a break above a key bearish trend line with resistance at 1.0630 on the hourly chart of EUR/USD at FXOpen. [*] USD/JPY climbed higher above the 153.40 and 154.25 levels. [*] There is a connecting bullish trend line forming with support at 154.25 on the hourly chart at FXOpen. [/LIST] [B][SIZE=5]EUR/USD Technical Analysis[/SIZE][/B] [img]https://i.imgur.com/s5mIMzd.jpeg[/img] On the hourly chart of EUR/USD at FXOpen, the pair struggled to clear the 1.0870 resistance zone. The Euro started a fresh decline and traded below the 1.0755 support zone against the US Dollar, as mentioned in the previous analysis. The pair even declined below 1.0695 and tested the 1.0600 zone. A low was formed near 1.0601 and the pair is now correcting losses. There was a break above a key bearish trend line with resistance at 1.0630. On the upside, the pair is now facing resistance near the 23.6% Fib retracement level of the recent decline from the 1.0755 swing high to the 1.0601 low at 1.0635. The next key resistance is near the 1.0665 level. The main resistance is 1.0695 or the 61.8% Fib retracement level of the recent decline from the 1.0755 swing high to the 1.0601 low. A clear move above the 1.0695 level could send the pair toward the 1.0755 resistance. An upside break above 1.0755 could set the pace for another increase. In the stated case, the pair might rise toward 1.0870. If not, the pair might resume its decline. The first major support on the EUR/USD chart is near 1.0600. The next key support is at 1.0580. If there is a downside break below 1.0580, the pair could drop toward 1.0565. The next support is near 1.0550, below which the pair could start a major decline. [B][URL="https://fxopen.com/blog/en/aj-market-analysis-eur-usd-nosedives-while-usd-jpy-extend-rally/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve"]TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG[/URL][/B] [I][B]Disclaimer:[/B] This article represents the opinion of the FXOpen INT company only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the the FXOpen INT, nor is it to be considered financial advice. [/I] [/QUOTE]
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