Weekly Market Analysis: EUR/USD & EUR/JPY

Hello traders,

let’s check out what the market has for us this week.

1. EUR/USD

Last week on EUR/USD, price broke a key support zone and 200 moving average.

So we are entering into the week knowing that the ascending channel formed from last week is already compromised. While selling at this point looks tempting, I will advice we wait for additional confirmation before selling.

If we are joining the bears this week, our next bus stop will most likely be NPSZ

2. EUR/JPY

A false breakout can be seen on on the EUR/JPY.

At this point, price could go either direction. If I were to go bullish, I will wait to see how price reacts to the previous high (157.947) . If a breakout occurs, then I will ride with the bulls to NPRZ

If on the other hand, the key support zone gets broken, then NPSZ is most likely to be price next bus stop

As the week progresses, I will share other more viable setups as they pop up.