FXstreet.com (Barcelona) - EUR/USD has had a small lift of less than 20 pips at the moment in the Asia-Pacific session, starting around the 1.2363, and topping at 1.2387 following Aussie jobs data and Chinese CPI, both better than expected. The pair extended the bounce this way from fresh weekly lows yesterday around late London early NY at 1.2326, while local share markets trade in the green over all, with Nikkei up by +1.21% and Hang-Seng +0.88%, and oil and gold at session highs.
Looking at the economic agenda for the London session ahead one should think another quiet session is around the corner, though with such extreme low liquidity given summer time holidays in Europe and London Olympics in the middle of the final series, any unexpected headline coming from nowhere could make things change in the blink of an eye. Still, no major sovereign debt auctions are scheduled from the EZ, and troubled countries Spain and Italy's 10y yields stay on check right below the 7% in the Spanish case and right below the 6% for his Latin neighbor.
Italy will publish its trade balance, and the EU the ECB monthly bulletin at 08:00 GMT, followed by Greek unemployment 1 hour later, and that will be about it in the EUR related risk events front for this Thursday in Europe.
Immediate resistance to the upside for EUR/USD comes at recent session/Friday's highs 1.2387/90 (0.5 Fibo retrace of last leg down 1.2440/1.2325), followed by yesterday's highs at 1.2402, and current week's highs Monday/Tuesday at 1.2442. For the downside, closest support shows at Monday's lows 1.2340, followed by yesterday's lows at 1.2325, and July 11 high at 1.2290 (0.38 Fibo retrace of 1.2041/1.2442 and 0.5 of 1.2130/1.2442)
Looking at the economic agenda for the London session ahead one should think another quiet session is around the corner, though with such extreme low liquidity given summer time holidays in Europe and London Olympics in the middle of the final series, any unexpected headline coming from nowhere could make things change in the blink of an eye. Still, no major sovereign debt auctions are scheduled from the EZ, and troubled countries Spain and Italy's 10y yields stay on check right below the 7% in the Spanish case and right below the 6% for his Latin neighbor.
Italy will publish its trade balance, and the EU the ECB monthly bulletin at 08:00 GMT, followed by Greek unemployment 1 hour later, and that will be about it in the EUR related risk events front for this Thursday in Europe.
Immediate resistance to the upside for EUR/USD comes at recent session/Friday's highs 1.2387/90 (0.5 Fibo retrace of last leg down 1.2440/1.2325), followed by yesterday's highs at 1.2402, and current week's highs Monday/Tuesday at 1.2442. For the downside, closest support shows at Monday's lows 1.2340, followed by yesterday's lows at 1.2325, and July 11 high at 1.2290 (0.38 Fibo retrace of 1.2041/1.2442 and 0.5 of 1.2130/1.2442)
