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

Forex Tips by Forex Tips
October 6, 2020
in Forex News
0
EUR/USD, USD/CAD, DXY – Dollar Charts for Next Week
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Technical Outlook:

  • EUR/USD breaking out above resistance
  • EUR/JPY crossing above solid level
  • DXY headed back towards test of long-term levels

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 Forecast

EUR Forecast

Recommended by Paul Robinson

Check out the Q3 EUR Forecast

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.

Top Trading Lessons

Top Trading Lessons

Recommended by Paul Robinson

Find Out the #1 Mistake Traders Make

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…

Resources for Forex Traders

Whether you are a new or an experienced trader, DailyFX has several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, and trading guides to help you improve trading performance.

—Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX





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