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EUR/USD, EUR/JPY Outlook: Worth Might Change its Present Path

EUR/USD and EUR/JPY Technical Forecast

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EUR/JPY, EUR/USD – Bearish Transfer Final Week

On Sep 18 , EUR/USD was hammered at resistance then declined to the ranges mentioned in our final replace at 1.1912. The pair closed the weekly candlestick with a zero.7% loss. Equally, Euro misplaced worth in opposition to Japanese Yen final week. Nevertheless, closed on Friday with solely zero.three% loss.

The Relative Power Index (RSI) failed twice this month to cross above 50 highlighting the downtrend momentum on EUR/USD was nonetheless intact. However, the oscillator dipped beneath 50 on Sep 19 ending the uptrend transfer on EUR/JPY.

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EUR/USD Each day PRice CHART (June 23, 2017 – SEp 30, 2019) Zoomed Out

EURUSD daily price chart 30-09-19.PNG zoomed out

EUR/USD Each day Worth CHART (June19 – Sep 30, 2019) Zoomed in

EURUSD daily price chart 30-09-19.PNG zoomed in

Wanting on the each day chart we discover, since Sep 20 EUR/USD began to say no in direction of the low finish of present buying and selling zone 1.0912- 1.1050. On the finish of the final week, the worth rebounded twice close by the low finish of the zone, reflecting vendor’s hesitation to maintain urgent the worth decrease.

Thus, the worth could also be on its means for a check of the excessive finish of the zone, contingent on clearing the each day resistance ranges underlined on the chart (zoomed in). Additional shut above 1.1060 might push EURUSD in direction of the neighborhood of 1.1215-20. Though, the weekly resistance ranges must be thought-about.

Price mentioning that on Sep three the worth created a low then a decrease low on Sep 27 in the meantime on RSI we discover a low and a better low. This means to a optimistic divergence, and a potential reverse within the value’s path to the upside.

That stated, any profitable shut beneath the low finish of the zone might press EURUSD in direction of 1.0812. In that state of affairs, the weekly help ranges marked on the chart should be watched carefully.

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EUR/JPY Each day PRice CHART (Jan 2, 2017– Sep 30, 2019) Zoomed Out

EURJPY price daily chart 30-09-19 Zoomed out

EUR/JPY Each day PRice CHART (June 10 – SEp 30, 2019) Zoomed In

EURJPY price daily chart 30-09-19 Zoomed in

From the each day chart, we discover on Sep 18 EUR/JPY rebounded from the excessive finish of present buying and selling zone 117.30 – 119.78 then declined for a check of the low finish of the zone.

Therefore, an in depth beneath the low finish of the zone might ship EURJPY in direction of the neighborhood of 114.95-80. Though, the weekly help ranges underlined on the chart (zoomed in) must be stored in focus.

Its value noting that, on Sep 20 EURJPY broke beneath the uptrend line originated kind the Sep three low at 115.86. This means that the pair could possibly be eyeing a break beneath the low finish of the zone and in search of a check of the neighborhood of 116.55-45 as defined on the chart.

However, any failure in closing beneath the low finish might reverse the pair’s path, sending the worth in direction of the excessive finish of the zone. Additional shut above the excessive finish might see EURJPY buying and selling in direction of 121.25. That stated, the weekly resistance ranges underscored on the chart could be value monitoring.

Written By: Mahmoud Alkudsi

Please be at liberty to contact me on Twitter: @Malkudsi


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