The EUR/USD pair has spent much of today's trading hovering at the 1.3380 level. This was after the pair made a huge rise late in Friday's session, wherein it broke past the 1.3400 level. The pair dove to a session low of 1.3356 at the beginning of the European session before making a recovery just above 1.3385.
The EUR/USD pair is currently trading at 1.3382, with initial resistance seen at 1.3434, followed by 1.3468. Meanwhile, initial support is at 1.3357, followed by 1.3324.
The greenback, meanwhile, suffered against the aussie after the release of the disappointing US durable goods orders earlier. The AUD/USD pair, which spent most of today's trading at 0.9030 fell below 0.9010 before spiking up to the 0.9060 level after the release of the aforementioned US data.
From 3.9%, the durable goods orders fell to a massive -7.3% instead of the expected -3.0%. Durable goods orders ex transportation also fell from 0.1% to -0.6% instead of the expected rise to 0.6%. This recent development has so far diminished the possibility of the start of QE tapering in September, which relies greatly on positive US economic data.
Several US data are still waiting to be released today: the Dallas Fed Manufacturing Business Index at 2:30pm GMT, and the 3-month and 6-month Bill Auctions at 3:30pm GMT.
The AUD/USD pair is currently trading at 0.9042, with initial resistance seen at 0.9078, followed 0.9101. Meanwhile, initial support is at 0.8997, followed by 0.8974.
The USD/JPY pair also fell after the release of the US durable goods orders during the European session. The pair fell to a low of 98.27 before making a recovery just above the 98.41 level.
The pair is currently trading at 98.41, with initial resistance seen at 98.94, followed by 99.19. Meanwhile, initial support is at 98.17, followed by 97.92.
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