EUR/USD Recovers Ground, USD/JPY Could Resume Uptrend – Analytics & Forecasts – 5 October 2022

EUR/USD started a decent rally above the 0.9900 resistance zone. USD/JPY is rising and could soon clear the key resistance zone of 145.00.

Important takeaways for EUR/USD and USD/JPY

ยท The Euro formed a base and started a decent wave of recovery above the 0.9800 area.

ยท There is a major bullish trend line forming with support near 0.9910 on the EUR/USD hourly chart.

ยท USD/JPY declined sharply before finding support near the 143.50 level.

ยท There was a break below a key uptrend line with support near 144.55 on the hourly chart.

EUR/USD Technical Analysis

Last week, the euro found support near the 0.9550 area against the US dollar. The EUR/USD The pair started a steady recovery wave above the 0.9600 and 0.9680 resistance levels.

There was a steady rise above the 0.9800 resistance zone and the 50-hour simple moving average. The pair even rose above the 0.9900 resistance zone. A high was formed near 0.9998 at FXOpen and the pair is now correcting the downside…Read more: Blog FXOpen

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