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EUR/USD, EUR/JPY, DXY & More: Charts & Technical Analysis

Technical Outlook:

  • EUR/USD breaking out above resistance
  • EUR/JPY crossing above solid level
  • DXY headed back towards test of long-term levels
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EUR/USD is crossing above confluent resistance via a trend-line off the September 1 high and minor swing lows in place since the third week of August. A move may be in the works back towards the highs at around the 12000 mark. There is a chance the underside of a previous channel acts as resistance, but it isn’t seen as the biggest threat right now given the line is angled in the direction of the current move.

EUR/USD Daily Chart (crossing resistance)

EUR/USD daily chart

EUR/USD Chart by TradingView

EUR/JPYis trying to cross above sizable resistance in the 12440s, a spot that came into play as a result of the top in June. Since then it acted as support on a few occasions (& neckline of a prior H&S pattern). A little more clearance and a run back to the 2014 trend-line (~12650) can continue.

EUR/JPY Daily Chart (looking to push above resistance)

EUR/JPY daily chart

EUR/JPY Chart by TradingView

The US Dollar Index (DXY)is breaking below support created as a result of several minor peaks running over from August and the lower parallel of a channel line off the September 1 low. This is seen as putting the DXY at risk of again testing the 2011 trend-line/1998 horizontal combo. This would be a huge test.

DXY Daily Chart (looking towards long-term support)

DXY daily chart

DXY Weekly Chart (2011 trend-line/1998 horizontal support)

DXY weekly chart

DXY Charts by TradingView

For all the charts we looked at, check out the video above…

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—Written by Paul Robinson, Market Analyst

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