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#1 02-12-2020 21:45:14

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Registered: 30-11-2020
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Daily Market Analysis By FXOpen

EUR/USD and EUR/JPY: Euro Gaining Bullish Momentum
https://www.fxopen.blog/wp-content/uploads/2019/07/Euro-EURUSD.jpg

EUR/USD started a strong increase and it surged above the 1.2000 resistance. EUR/JPY is also gaining momentum and it is trading well above the 125.00 resistance.

Important Takeaways for EUR/USD and EUR/JPY


[*] The Euro started a strong increase above the 1.1950 and 1.2000 resistance levels.
[*] There was a break above a key connecting resistance trend line at 1.2030 on the hourly chart of EUR/USD.
[*] EUR/JPY followed a similar pattern and broke the main 125.00 resistance.
[*] There was a break above a major rising channel with resistance near 125.30 on the hourly chart.


EUR/USD Technical Analysis

This week, the Euro formed a strong support zone above the 1.1920 and 1.1950 levels against the US Dollar. The EUR/USD pair started a strong increase and it broke the main 1.2000 resistance level.

The pair even gained strength above 1.2020 and settled above the 50 hourly simple moving average. Moreover, there was a break above a key connecting resistance trend line at 1.2030 on the hourly chart of EUR/USD.
https://www.fxopen.blog/wp-content/uploads/2020/12/eurusd-chart.png

The pair even surpassed the 1.2050 resistance and traded as high as 1.2079 recently on FXOpen. It seems like the pair might continue to move higher above the 1.2080 level.

The next key resistance is near the 1.2120 level, above which the pair could test 1.2150. If there is a downside correction, an initial support could be 1.2050 or the 23.6% Fib retracement level of the recent increase from the 1.1960 swing low to 1.2079 high.

The next major support is near the 1.2030 level. Any more losses could lead the pair towards the 1.2020 support or the 50% Fib retracement level of the recent increase from the 1.1960 swing low to 1.2079 high.

EUR/JPY Technical Analysis

The Euro also followed a similar path above 124.00 against the Japanese Yen. The EUR/JPY pair broke the main 125.00 resistance level to move into a positive zone.

There was also a close above the 125.20 level and the 50 hourly simple moving average. Moreover, there was a break above a major rising channel with resistance near 125.30 on the hourly chart.
https://www.fxopen.blog/wp-content/uploads/2020/12/eurjpy-chart.png

The pair gained strength above the 125.50 level and it even broke the 126.00 level. A high is formed near 126.14 and the pair is currently consolidating gains. An initial support is near the 125.85 level. It is close to the 23.6% Fib retracement level of the recent increase from the 124.86 swing low to 126.14 high.

The next major support is near the 125.65 level (a multi-touch zone). Any more losses could lead the pair towards the 125.50 support. It is close to the 50% Fib retracement level of the recent increase from the 124.86 swing low to 126.14 high.

The main uptrend support seems to be forming near the 125.00 level since it is also close to the 50 hourly simple moving average. On the upside, the pair could accelerate higher if it clears the 126.15 and 126.20 levels.

The next resistance could be near the 126.80 level. Any more upsides might lead the EUR/JPY higher further higher above the 127.00 level. In the stated case, the bulls may possibly aim a larger increase towards the 128.50 and 129.20 resistance levels in the coming days.

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#2 03-12-2020 13:16:58

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Registered: 30-11-2020
Posts: 11

Re: Daily Market Analysis By FXOpen

LTC and EOS – Final Push To The Upside Coming?
https://www.fxopen.blog/wp-content/uploads/2020/09/ltc-1.jpg

LTC/USD

From last Thursday, November 26th when the price of Litecoin was sitting at the $65 level, we have seen an increase of 42.64% measured to its highest point at $92.664 made on Tuesday. Since then the price has been moving sideways, spiking to the downside at first but then making a series of lower highs. Currently, it is being traded $90 and is starting to move to the upside again.
https://www.fxopen.blog/wp-content/uploads/2020/12/ltcusd-1h.png

On the hourly chart, you can see that the price formed a symmetrical triangle from Tuesday’s high around the significant horizontal level at $86.486. Now we are seeing an attempt for a breakout to the upside after the price reached its apex.

It is currently making a higher high compared to the last one and has started going above the territory of the triangle, moving above its resistance level. A breakout looks like developing but can still end as a fakeout on the hourly time-frame.

If we see further upside movement with the hourly candle closing above the prior local high the breakout would be validated and would indicate further price growth. This rise would be the uptrend continuation from last Thursday and would be the ending wave from the five-wave impulse that is set to push the price above its higher degree high made on the 24th of November after which a significant corrective descending move was made.

EOS/USD

The price of EOS has also been increasing from last Thursday, coming from $2.77 area to $3.315 which was an increase of 19.26%, but has since then fallen to $3 and is currently being traded at $3.1.
https://www.fxopen.blog/wp-content/uploads/2020/12/eosusd-1h.png

On the hourly chart, we can see that the price has started moving the to upside again after falling back to the levels of the 1st wave’s ending point after a previous higher degree descending move. This is why there is still a possibility that the price is developing its 5th wave from the impulsive five-wave move to the upside.

If that is the case then we could see it increasing past its highest point in December made last Thursday when it found resistance at the 0.786 Fib level. The price is likely to continue increasing from here but it could very well be another corrective move before the further decline is made so we are yet to see if it manages to break the Fib level resistance and continues for a higher high. Significant horizontal resistance is sitting around $3.3 area so it might end as a truncation before its completion.

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