EUR-USD will focus Spanish 10-year bond auction 19 april 2012

EUR-USD will focus Spanish 10-year bond auction 19 april 2012 : EUR/USD has been moving within its tight 20 pip range all Asian session long since NY closed, not going any higher than 1.3132 nor lower than 1.3110, with Yen being the weakest of majors. Local share markets traded in a mixed way, with Nikkei index falling below the 9600 points by -0.86%, and gold down to $1640 near day lows.

For the session ahead all eyes will focus on long term sovereign Spanish debt at 08:30 GMT, according to IFR Markets, with the 10 year prior auction reaching a 5.4% yield and currently trading around 6% in the secondary market, so market will pay much attention to resulting yields as above 6% intervention fears rise. Not other relevant EUR related risk event will take place during the London session till US jobs figures release at 12:30 GMT.

For the upside, immediate resistance shows at recent session highs and March 22 lows 1.3130/5, followed by Tuesday's highs and 20 SMA 1.3175/90, and April 12 highs 1.3210. For the downside, closest support lie at Tuesdays lows 1.3075, followed by yesterday's lows 1.3055, and April 09 lows 1.3030s.

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