The Euro traded lower on open last night, initially testing support at
1.35 at the start of Asian trading before climbing higher this morning
reaching highs at 1.3557. On Friday, the importance of events of Egypt
pushed the Euro from 1.3560 lower to just below the 1.35 level. The
EUR/USD was trading at 1.3540 at the start of the European session
with support seen at 1.35/1.3475 and resistance at 1.3590.
No major news out of the Eurozone today but that's not to say we
could see a break of these levels.
*GBP/USD*
GBP/USD opened last night in Asia around the 1.60-mark, and initially
traded lower to 1.5989. Cable then began to climb throughout the night
reaching highs at 1.6076, with a push lower this morning to 1.6040
shortly after the European session commenced.
No UK news today with traders focusing on important data releases
tomorrow and the press conference with Bank of England's Governor
King Wednesday.
*USD/JPY*
The USDJPY initially tested resistance at 83.50 when the markets
commenced last night before pulling lower with lows seen at 83.11. The
yen remains above the 83-level with strong trading Friday despite the
Asian markets being closed.
The Japanese interest rate decision will be at some stage tomorrow
night in Asia with the BoJ expected to leave rates unchanged. Key
support of USD/JPY is seen just below current levels at 83.05.
Source: Fxstreet.com
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