The EURUSD pair is experiencing a notable rally, having reached a fresh session high of 1.1860, marking an increase of 0.84% for the day. This upward movement has propelled the exchange rate above the prior yearly peak of 1.1829, which was established on July 1, achieving the highest level seen since September 2021. This significant rise reinforces the prevailing bullish trend in the market.
Traders are now setting their sights on the next crucial upside target, which is identified at the double swing highs from August 2021, positioned near 1.1909. Although this target is approximately 50 pips away, it is regarded as a logical objective for buyers, due to its historical significance and the clustering of resistance at that level.
On the downside, the former resistance of 1.1829 is now expected to act as an immediate support level, a critical boundary that buyers aim to uphold to maintain momentum in this rally. A more conservative risk marker is established lower at the July 24 high of 1.1788. Should the EURUSD dip below this level after today’s breakout, it could potentially lead to disappointment among buyers, triggering profit-taking or new selling pressures.
In related currency movements, the USDJPY has slid to a new low, down 0.67%. Meanwhile, the USDCHF is performing even worse, showing a decline of 0.99% and trading at its lowest level for the year, now below 0.78714. This marks the lowest point for the USDCHF since 2011.
The AUDUSD is also on the rise, reaching new highs and testing trend lines and swing highs dating back to 2024, currently near the level of 0.6687. The recent high for the pair reached 0.6684, with close proximity to 0.6694, signaling bullish momentum.
As these developments unfold, market participants continue to closely monitor key levels across these major currency pairs, anticipating further actions and potential market shifts.
