FXstreet.com (Barcelona) - EUR/USD is currently trying to recover from initial loses breaking below 1.2832 after opening around the 1.2860 to hit session lows at 1.2804, last at 1.2822. Price is holding above current ascending trendline coming from Aug 16 lows at 1.2246, being 200 day SMA at the same time around 1.2820. With Australia, China and HK markets closed for holiday, Nikkei index is trading below the 8800 points losing -1.17%, while SP500 futures, gold and oil are all at session lows.
London session ahead will mostly bring manufacturing PMIs from several EZ countries starting with Spain at 07:13 GMT, followed 30 minutes later by Italy, France 5 minutes after, Germany another 5 minutes, and finally the EU's and Greece at 07:58 GMT. Then will come Italy unemployment at 08:00 GMT, and EU's unemployment 1 hour later.
In the political side EU Economic and Monetary Affairs Commissioner Olli Rehn will meet Spanish PM Rajoy in Madrid according to elpais.com, along with troika representatives meeting Greek Finance Minister Yannis Stournaras in Athens according to Bloomberg, which could suddenly produce some headlines to hit EUR/USD during the European morning session.
No EZ sovereign debt auctions today, with Spanish 10 year bond yields back below 6% again, and Italian ones at 5.17%.
Immediate support to the downside for EUR/USD shows at recent session double low 1.2804, followed by key Fibo and June 18 highs/Sept 10-11 lows at 1.2750, and June 29 highs at 1.2693. To the upside, closest resistance comes at session highs and weekly opening price at 1.2862, followed by Monday lows at 1.2891, and Friday highs at 1.2960.
London session ahead will mostly bring manufacturing PMIs from several EZ countries starting with Spain at 07:13 GMT, followed 30 minutes later by Italy, France 5 minutes after, Germany another 5 minutes, and finally the EU's and Greece at 07:58 GMT. Then will come Italy unemployment at 08:00 GMT, and EU's unemployment 1 hour later.
In the political side EU Economic and Monetary Affairs Commissioner Olli Rehn will meet Spanish PM Rajoy in Madrid according to elpais.com, along with troika representatives meeting Greek Finance Minister Yannis Stournaras in Athens according to Bloomberg, which could suddenly produce some headlines to hit EUR/USD during the European morning session.
No EZ sovereign debt auctions today, with Spanish 10 year bond yields back below 6% again, and Italian ones at 5.17%.
Immediate support to the downside for EUR/USD shows at recent session double low 1.2804, followed by key Fibo and June 18 highs/Sept 10-11 lows at 1.2750, and June 29 highs at 1.2693. To the upside, closest resistance comes at session highs and weekly opening price at 1.2862, followed by Monday lows at 1.2891, and Friday highs at 1.2960.
