EUR/USD Correcting Losses, USD/JPY Remains In Uptrend
EUR/USD declined heavily and recently started an upside correction from the 1.1110 support area. USD/JPY is trading in a solid uptrend and it could continue to rise above 108.80 and 109.00.
EUR/USD Technical Analysis
The Euro declined heavily in the past few days below the 1.1265 and 1.1210 support levels against the US Dollar. The EUR/USD pair even broke the 1.1180 support level to enter a bearish zone.
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Moreover, there was a close below the 1.1180 level and the 50 hourly simple moving average. Finally, the pair traded below the 1.1120 level and a new monthly low was formed near 1.1101 on FXOpen.
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Gold price could bounce back while Crude Oil price is facing hurdle
Gold price climbed higher sharply from the $1,400 support area and is currently correcting lower. Conversely, crude oil price is under pressure and is facing hurdles.
Gold Price Technical Analysis
Earlier this week, gold price declined below the $1,420 support against the US Dollar. The price even broke the $1,412 support level and tested the $1,400 support, where the bulls took a stand.
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A swing low was formed near $1,400 on FXOpen and the price started a solid upward move. It broke many resistances near the $1,410 level. Moreover, there was a break above a short term declining channel with resistance near $1,408 on the hourly chart of gold.
Read more about Gold and Oil Price on FXOpen blog.
GBP/USD could recover, USD/CAD remains supported
GBP/USD declined heavily this past week below the 1.2250 support area. USD/CAD is climbing higher and remains well supported above the 1.3200 level.
GBP/USD Technical Analysis
The British Pound started a strong decline from well above the 1.2400 level against the US Dollar. The GBP/USD pair broke the 1.2350 and 1.2250 support levels to enter a bearish zone.
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The decline was such that the pair even broke the 1.2200 support level and settled well below the 50 hourly simple moving average. A swing low was formed near the 1.2079 level on FXOpen and the pair is currently correcting higher.
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EUR/USD Climbing Higher While USD/CHF Is Facing Hurdles
EUR/USD started a solid recovery from the 1.1040 area and climbed above 1.1150. Conversely, USD/CHF declined heavily and settled below the key 0.9800 support area.
EUR/USD Technical Analysis
This past week, the Euro declined heavily below the 1.1120 and 1.1100 support levels against the US Dollar. The EUR/USD pair tested the 1.1040 support area and recently started a solid recovery.
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It broke the 1.1100 and 1.1120 resistance levels. Moreover, there was a break above the 1.1150 resistance and the 50 hourly simple moving average. Finally, the pair traded above the 1.1200 resistance and formed a swing high near 1.1249 on FXOpen.
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