London session ahead will bring key risk event German ZEW economic sentiment at 09:00 GMT as main data for the European morning, as long as Spanish and Greek sovereign short term auctions, in 12-18 month bills, and 13 week bills worth € 1.25B respectively. Later will come US CPI at 12:30 GMT and Bernanke testifying before the US Senate Banking Committee at 14:00 GMT. UK CPI due at 08:30 GMT might bring volatility to EUR/GBP cross as well.
Immediate resistance to the upside for EUR/USD shows at recent session and 4-day high at 1.2313, followed by July 10 highs/May 31 lows at 1.2334/6, and May 30/July 05 lows at 1.2360. For the downside, closest support comes at yesterday's highs 1.2290, followed by Friday's highs/July 06 lows at 1.2257, and July 10 lows at 1.2234.