EUR/USD - 1.2178

Despite yesterday's resumption of near term upmove from 1.2105 (Friday) to 1.2218 in New York due to falling U.S. yields, intra-day sharp retreat on safe-haven usd's buying in reaction to weakness in U.S. equities suggests temporary top is made and consolidation with downside bias is seen ahead of key ECB monetary policy announcement and then release of U.S. inflation data.

Above 1.2218 would signal correction from May's 1.2266 peak has ended and gain towards there would follow whilst a daily close below 1.2145 would shift risk to downside for weakness towards 1.2105.

Data to be released on Thursday :
Australia consumer inflation expectations, Japan corporate goods price index.
UK RICS housing price balance, France non-farm payrolls, industrial output, Italy industrial output, EU ECB refinancing rate, ECB deposit rate.
U.S. core CPI, CPI, real weekly earnings, initial jobless claims, continued jobless claims, Federal budget.

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