EUR/USD Remains Supported, USD/JPY Broke Key Support

EUR/USD slowly and steadily moved higher from the 1.1580 support. On the other hand, USD/JPY broke a key support at 110.90 to move into a bearish zone.
Important Takeaways for EUR/USD and USD/JPY

The Euro is slowly moving higher towards the 1.1690-1.1700 resistance area.
There is a crucial bullish trend line and support formed at 1.1640 on the hourly chart of EUR/USD.
USD/JPY broke a major ascending channel support at 110.90 on the hourly chart.
Japan’s Services Purchasing Managers Index (PMI) in June 2018 increased from 51.0 to 51.4.

EUR/USD Technical Analysis

The Euro formed a decent support base above 1.1520 against the US Dollar. The EUR/USD pair started a fresh upward move and broke a few important hurdles near the 1.1550 and 1.1580 levels.

As a result, there were further gains and the pair moved above the 1.1650 level. An intermediate low was formed at 1.1591 and the pair is currently trading well above the 50% Fib retracement level of the last decline from the 1.1690 high to 1.1591 low.

Read more: https://blog.fxopen.com/eurusd-remains-supported-usdjpy-broke-key-support/