EUR/USD and EUR/JPY: Euro Eyeing Upside Break

FXOpen

EUR/USD is holding the 1.2100 support area, but it is also struggling to clear 1.2200. Similarly, EUR/JPY is facing a strong resistance near 126.15, above which it could start a strong increase.

Important Takeaways for EUR/USD and EUR/JPY

  • The Euro is consolidating in a range above the 1.2100 support zone.
  • There is a major contracting triangle forming with resistance near 1.2170 on the hourly chart of EUR/USD.
  • EUR/JPY is facing a major resistance near the 126.15 and 1.2620 levles.
  • There is a key contracting triangle forming with resistance near 126.15 on the hourly chart.

EUR/USD Technical Analysis

This past week, the Euro climbed above the 1.2150 resistance zone against the US Dollar. However, the EUR/USD pair faced a major resistance near the 1.2200 and 1.2210 levels.

There were a couple of attempts to clear 1.2200, but the bulls failed to gain strength. As a result, there was a sharp decline below 1.2150. The pair broke the 1.2120 support, but it found a strong support near 1.2100.

EUR/USD Technical Analysis Euro Dollar

A low was formed near 1.2107 before the pair bounced back to 1.2175. A high is formed near 1.2175 on FXOpen and it is currently correcting lower.

The pair is testing the 23.6% Fib retracement level of the recent wave from the 1.2107 swing low to 1.2175 high. The first major support on the downside is near the 1.2150 level and the 50 hourly simple moving average.

The next major support is near the 1.2140 level. It is close to the 50% Fib retracement level of the recent wave from the 1.2107 swing low to 1.2175 high. On the upside, an immediate resistance is near the 1.2175 level.

There is also a major contracting triangle forming with resistance near 1.2170 on the hourly chart of EUR/USD. A clear break above the triangle resistance could push the pair towards the main 1.2200 resistance zone.

If EUR/USD clears the 1.2200 resistance zone, there could be a strong increase. In the stated case, the pair could easily rise towards 1.2250 or 1.2265.

EUR/JPY Technical Analysis

The Euro also followed a similar path after it faced seller near 1.2640 against the Japanese Yen. The EUR/JPY pair broke the 126.00 support level, but it remained stable above the 125.70 level.

A low is formed near 125.69 and the pair is currently rising. There was a clear break above the 126.00 level and the 50 hourly simple moving average. The pair also climbed above the 50% Fib retracement level of the recent decline from the 126.39 high to 125.69 low.

EUR/JPY Technical Analysis Euro Yen

It is now facing resistance near the 126.12 level. It represents the 61.8% Fib retracement level of the recent decline from the 126.39 high to 125.69 low.

There is also a key contracting triangle forming with resistance near 126.15 on the hourly chart. A clear break above the triangle resistance and 126.20 could open the doors for more upsides. The next major resistance is near 126.40, above which the bulls might aim a test of the 127.00 level.

Conversely, the pair could drop below the 126.00 level and the 50 hourly SMA. In the stated case, it could test the triangle support at 125.90. Any more losses could open the doors for a drop towards the 125.50 level in the near term.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Forex Analysis

Commodities and European currencies Test Key Supports EUR/USD Analysis: The Price Today Has Set Its Minimum Since the Beginning of March Market Analysis: GBP/USD Dives While USD/CAD Gains Bullish Pace The US Currency Corrects After Recent Growth USD/JPY Price Analysis: Consolidation ahead of US News

Latest articles

Weekly Market Wrap With Gary Thomson: NIKKEI-225, USD/JPY, GBP/USD, USD/CAD, Gold
Financial Market News

Weekly Market Wrap With Gary Thomson: NIKKEI-225, USD/JPY, GBP/USD, USD/CAD, Gold

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of  FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

  • NIKKEI-225 Analysis Indicates Possibility

Forex Analysis

Commodities and European currencies Test Key Supports

On the eve of the Easter holidays, the main currency pairs have slightly slowed down the development of the main trends and are consolidating near key ranges, the breakdown of which could provoke a change in the vectors of medium-term

Shares

Stock Market Analysis: NVDA Losing Leadership?

Since the start of the week, the S&P-500 Index (US500) is up about 0.58% while NVDA's share price is down about 3.8%. This is a worrying sign for Nvidia stock investors — could it be a sign

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65.68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.