Euro Technical Outlook – Trends and Ranges Remain. Where to for EUR/USD and EURJPY?


EUR/USD made a 9-week high going into the New York close overnight, breaking above a recent peak and some breakpoints, and it remains in an ascending trend channel. Moving above these resistance levels may suggest confirmation of bullish momentum.

Resistance might be at the early February high of 1.1033 or the March 2022 peak of 1.1185.

A bullish triple moving average (TMA) formation requires the price to be above the short-term SMA, the latter to be above the medium-term SMA and the medium-term SMA to be above the long-term SMA. All SMAs also need to have a positive gradient.

With the 200- and 260-day SMA gradients turning positive, looking at any combination of daily SMAs, the conditions have been met for a bullish TMA. It should be noted that past performance does not indicate future results.

The currency pair tested the lower bound of the ascending trend channel in early March but could not sustain a break below the trendline and the 100-day simple moving average (SMA). The trend line may continue to provide support, currently at 1.0720.

Further down, support may lie at the previous lows of 1.0525, 1.0516, 1.0483 and 1.0443.


EUR/JPY has been caught within a 137.37 – 148.40 range for seven months.

At the end of last month, it narrowly broke above resistance but could not hold above it, and these peaks at 145.57 and 145.67 may offer resistance ahead of the breakpoint at 146.14.

Further up, resistance could be at the previous highs of 146.73, 147.11, 147.72 and 148.40.

All the short, medium and long-term simple moving averages (SMA) are clustered in a fairly narrow band between 141.85 and 143.33.

This could be interpreted in two ways. The range trade is still in play with the price above these SMAs, and bullish momentum might be evolving.

A move below any SMA might suggest the former, while a break above the recent high of 145.67 may confirm the latter.

On the downside, support could lie at the prior lows of 139.07, 138.84, 137.92 and the Double Bottom at 137.37.

Leave a Reply

Important Link

Fund Your Deriv Account
Withdraw Funds to Your Local Currency
VIP Trading Signals
Learn To Trade

Contact Us

Follow Us


Forex, Crypto, Options, and Binary Options have both large potential rewards and large potential risks. Therefore, before investing or trading any of the assets, ensure you are aware of and willing to accept the accompanying risks. Do not trade money you cannot afford to lose.

All Rights Reserved. None of the content of this website can be published elsewhere by any means without the prior consent of the owner(s). Please, check our terms & conditions and privacy policy before continuing to use this website.

This website and its owner(s) are not in any way liable for any incurred loss, whether caused by the information provided on this website or otherwise. The use of this website, including the content and information provided, is the user’s sole liability.