EUR/USD and EUR/JPY Outlook
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EUR/JPY, EUR/USD – The Purchaser’s Battle
On Friday, EUR/USD rallied to its highest stage in almost three weeks at 1.1109 then closed within the inexperienced for the second week in a row. In flip, EUR/JPY rallied to its highest stage in over six weeks at 120.01 and closed the weekly candlestick with a 1.5% achieve.
Nevertheless, the Relative Energy Index (RSI) did not cross above 50 on EUR/USD indicating to the client’s lack of momentum to steer the value. In flip, the oscillator remained flat on EUR/JPY pausing the present uptrend momentum.
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EUR/USD Day by day PRice CHART (Could 1, 2018 – SEp 18, 2019) Zoomed Out
EUR/USD Day by day Value CHART (July 1 – Sep 18, 2019) Zoomed in
Wanting on the day by day chart we discover, on Friday the pair failed to stay above the neckline of double backside sample. Moreover, the pair closed beneath the downtrend line originated from the June 25 excessive at 1.1412 highlighting the bearish outlook of EUR/USD at this stage.
Its additionally value noting that as we speak, the pair exams returning to the decrease buying and selling zone 1.1050 – 1.0912. Therefore, an in depth beneath the excessive finish of the zone might press the value in direction of the low finish. Additional shut beneath the low finish might even see EUR/USD buying and selling even decrease in direction of 1.0812. Nonetheless, consumers have to pay an in depth consideration to the weekly assist ranges underscored on the chart (zoomed in).
On the flip-side, an in depth above the excessive finish might push the value in direction of the neighborhood of 1.1215-20. Though, the weekly resistance ranges underlined on the chart ought to be saved in focus.
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EUR/JPY Day by day PRice CHART (Jan 2, 2017– Sep 18, 2019) Zoomed Out
EUR/JPY Day by day PRice CHART (June 24 – SEp 18, 2019) Zoomed In
From the day by day chart we discover, firstly of the week EUR/JPY opened with a spot to the draw back then yesterday rebounded from the excessive finish of present buying and selling zone 117.30 – 119.78 reflecting the shortage of momentum to maneuver to the next buying and selling zone.
Presently, EUR/JPY could also be heading in direction of the low finish of the zone contingent on clearing the weekly assist space and stage marked on the chart. Additional shut beneath the low finish might press the value in direction of 114.80. Nevertheless, the weekly assist space underlined on the chart must be watched carefully.
That mentioned, any shut above the excessive finish of the zone, might push EUR/JPY in direction of 121.25. Additional shut above this stage might see the pair buying and selling even increased in direction of 122.52. Though, the weekly resistance ranges underlined on the chart could be value monitoring.
Written By: Mahmoud Alkudsi
Please be at liberty to contact me on Twitter: @Malkudsi