EUR-USD Outlook London session may 30 2012

forex trading outlook today - EUR-USD Outlook may 30 2012 : EUR/USD is currently at 1.2465, off from another fresh 2012 lows at 1.2456 and lowest since July 2010, amid a new round in risk-off sentiment sending local share markets to the red again, Nikkei down -0.73%, and gold flirting with fresh weekly lows below $1550. Worse than expected Aussie retail sales figures pressed risk sellers to print new session lows in a downward session that started around 1.2487 highs.

London session ahead shows a soft EUR macro data related agenda, with only EZ M3 money supply at 08:00 GMT along with EU private loans at same time and EU retail PMI 10 minutes later, for then after NY open ECB chairman Draghi due to give a speech at Brussels. Headlines coming from new developings from Spain will probably bring volatility to markets, as well as Italy sovereign bond auctions looking for more than €6B in 5 and 10 year maturities. Spain 10y yields sit now around the 6.45% and Italy's at 5.90%.

For the immediate term, support to the downside for EUR/USD sits at recent session and 2012 lows 1.2456, followed by June 17/28 2010 highs at 1.2414/1.2398 and June 1st 2010 lows 1.2354. For the upside, closest resistance shows at Friday's lows 1.2490, followed by yesterday's Asian session lows at 1.2508 and Monday's lows 1.2525.

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