Technical Overview of EUR/USD, USD/JPY and EUR/JPY Currency Pair

 EUR USD

 

EUR traded higher against USD and closed at 1.1193.

Long-term trend: Down

EUR USD still moving within 8 years of falling trend channel.

 

Short-term trend: Neutral

Breaking below solid support around 1.1220.

 

According to the Analysis, pair is expected to find support at 1.11686, and a fall through could take it to the next support level of 1.11442. The pair is expected to find its first resistance at 1.12301, and a rise through could take it to the next resistance level of 1.12672.

 

USD JPY

 

USD traded lower against JPY and closed at 108.442.

Long-term trend: Down

On the verge of completing a large triangle on the downside.

 

Short-term trend: Down

Developing a bear flag formation, indicating a continuation of the downtrend.

 

According to the Analysis, pair is expected to find support at 108.108, and a fall through could take it to the next support level of 107.774. The pair is expected to find its first resistance at 108.726, and a rise through could take it to the next resistance level of 109.010.

 

EUR JPY

 

EUR traded lower against JPY and closed at 121.376.

Long-term trend: Down

A test of the solid horizontal support around 111.95 should be expected.

 

Short-term trend: Down

The picture is weakening, waiting for a break below the crucial support around 120.90.

 

According to the Analysis, pair is expected to find support at 121.003, and a fall through could take it to the next support level of 120.629. The pair is expected to find its first resistance at 121.808, and a rise through could take it to the next resistance level of 122.239.

 

Key Fundamentals of the Day

G10: Markets Consolidate Ahead Of FOMC; AUD/NZD: Downside

  • FX market is likely to consolidate ahead of the Fed
  • While flagging a scope for further downside in AUD/NZD
  • In anticipation of another RBA cut.
  • At the central bank coming policy meeting.

 

Trump comments on Trade War

  • The US President Donald Trump announced on Tuesday that the US and Chinese trade talk teams will restart talks ahead of the G20 summit.
  • This could result in a down fall in the USD/CNH Pair

 

Facebook goes into cryptocurrencies

  • On Tuesday, it was announced by Facebook that the company plans to launch its Cryptocurrency, which is named Libra. 
  • Moreover, the social network will offer crypto wallets named Calibra.

 

For Detailed analysis visit XtreamForex YouTube Channel.

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