Euro Technical Outlook: EUR/USD, EUR/JPY Pullbacks
The Euro has been facing some pullbacks against both the US Dollar and the Japanese Yen. The EUR/USD pair and the EUR/JPY pair have been showing signs of weakness in recent trading sessions.
In terms of technical analysis, the EUR/USD pair is currently trading below its 50-day moving average, indicating a bearish trend. The pair has also formed a bearish flag pattern, suggesting a potential further downside movement.
Similarly, the EUR/JPY pair is also trading below its 50-day moving average, signaling a bearish bias. The pair has been struggling to break above the key resistance level of 129.00, indicating a lack of bullish momentum.
Traders should keep a close eye on these pairs as they continue to face pullbacks. It is important to monitor key support and resistance levels to gauge the potential direction of the Euro against the US Dollar and the Japanese Yen.