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EUR/USD trades at 2-week highs above 1.1100

FXStreet (Córdoba) - EUR/USD has retested European session highs at the 1.1110 zone helped by EUR/CHF demand while the USD continues to underperform ahead of the Federal Reserve monetary policy decision on Wednesday.

Following a brief corrective move, EUR/USD gathered pace and climbed to a high of 1.1111 roughly the same peak it reached earlier, but sellers continue to keep the upside limited. At time of writing, the pair is trading at 1.1102, recording a 1.15% gain on Monday.

USD underperform across the board

The US dollar is among the worst performers of the day amid fears that unstable Chinese stock markets could delay the Federal Reserve lift-off.

EUR/USD levels to watch

As for technical levels, if EUR/USD breaks decisively above 1.1110/12, next resistances line up at 1.1124 (Jul 9 high) and 1.1195 (Jul 13 high). On the other hand, supports are seen at 1.0968 (Jul 27 low), 1.0925 (Jul 24 low) and 1.0900 (psychological level).

USD/JPY holds above 123.00 but still under pressure

USD/JPY dropped further after the release of the US durable goods order report and bottomed following Wall Street opening bell at 123.00, hitting the lowest level since July 14.
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