EUR-USD London session outlook may 14 2012

forex trading outlook today - EUR-USD London session outlook may 14 2012 : EUR/USD is last at 1.2890 after a relatively quiet session in Asia-Pacific, with fresh 14 week-lows at 1.2878, and highs for the session after the retail open at 1.2904 during the Tokyo open, but with highs at 1.2938 during the interbank pre-open. Local share markets trade in the positive in general, after PboC cut RRR 50bps to 20%.

For the London session ahead, even though there are very few risk events EUR related, the agenda will be busy in sovereign debt auctions. First will come German WPI for the month of April at 06:00 GMT followed by UE industrial production at 09:00 GMT. Instead, there will be long term Italian debt auctions at 09:00 GMT, as well as short term ones from Spain, France and Germany, along with meetings among the Greek political leaders in order to find a solution to the lack of agreement to form a coalition and govern the country.

In case below recent 14-week lows at 1.2878, next support to the downside for EUR/USD shows at Dec 29 lows 1.2858, and Jan 19 lows 1.2839, while for the upside closest resistance shows at recent session highs and Wednesday's/Friday's lows 1.2905/12, followed by past Monday's lows 1.2955, and May 10 highs 1.2980.

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