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EUR/USD Technical Analysis
The euro has gone back and forth during the trading session in early trading on Tuesday, as it looks like the 1.13 level will continue to be very resistant as the US dollar had been oversold and now we are seeing higher interest rates in America and that of course makes the US dollar a bit more attractive. With that being said, I think you have a situation where traders continue to face short-term rallies and if we do, in fact, break down from here, I’d be looking at the 1.11 level initially, followed by the 1.0950 level as a potential target. On a break above 1.15, then the euro will go much higher, but right now it doesn’t look like we have that kind of energy.
USD/JPY Technical Analysis
The US dollar has been all over the place against the Japanese yen as we continue to see a lot of volatility near the 145 yen level. Ultimately, I think this is a market that will eventually have to make a bigger decision, but as things stand right now, it is a market that, quite frankly, is going to remain very volatile due to the fact that the Japanese yen, of course, is considered to be a safety currency. And the US dollar, of course, has a lot of noise around it, as far as the trade tariffs and potential geopolitical issues are concerned. With that being said, though, I do prefer the upside and if we can break above the 50 day EMA, I would get long.
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