FX News – July 26: EUR/USD Trades at 1.32, Seen to Reach 1.35

FX Strategy Articles > FX Trading Tips

The EUR/USD pair has shown an impressive run in this week's trading, peaking at just below the 1.3300 level late in yesterday's US trading. Analysts expect the pair to test the 1.34/1.35 levels soon, before going on a long-term downtrend. A stronger employment data from the US or a less dovish statement from the Fed could trigger this.

The pair is currently trading at 1.3280, with initial resistance seen at 1.3352, followed by 1.3385. Meanwhile, initial support is at 1.3221, followed by 1.3188.

After spending its time below the 0.9200 level yesterday, the AUD/USD pair is back to above 0.9250, after opening today's Asian trading at 0.9243. The pair is currently trading at just below 0.9267.

Initial resistance for the pair is at 0.9342, followed by 0.9365. Meanwhile, initial support is at 0.9187, followed by 0.9164.

The USD/JPY got a temporary lift before receiving positive Japanese data at the beginning of today's Asian session. It is the first time Japan had an increase in its CPI data for three consecutive months since mid-2011.

The pair peaked at 99.39 so far today. It has, however slipped over the past few hours and is currently trading at the 99.05 level.

Initial resistance for the USD/JPY pair is at 99.88, followed by 100.13. Meanwhile, initial support is at 98.28, followed by 98.04.

The EUR/JPY also slid in today's session, although the levels have remained flat since late in the European session yesterday. The pair has hovered between 131.55 and just above 131.95.

The pair is currently sliding down further to just below the 131.50 level, although analysts expect traders to have a neutral stance in the longer term.

Initial resistance for the EUR/JPY is at 132.17, followed by 132.50. Meanwhile, initial support is at 131.10, followed by 130.78.

By FX Strategy Team, Published on 26th of July 2013
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