German ZEW is the first scheduled major release of the day with market analysts expecting a decline in the monthly index. For May, the survey is anticipated to drop to a 19.1 reading, falling from the 23.4 April release. As before, the decline is likely to be adversely affected by the heightened financial risk hovering over the European Union and its members. The same sentiment helped to sink the survey to lows at the end of last year, as the European investment community remained skeptical of a Euro rebound.
Finance ministers continue to meet in Europe today and are likely to issue statements regarding the fiscal condition of the Union. In particular, traders will be wanting to see specifications of a potential Greece exit and any contingency plans in case the event becomes a reality. Statements of a potential break should lead the single currency lower through 1.2700.
US economic data isn’t expected to help market risk sentiment, or buoy the euro today, with expectations for retail sales to show slower growth in the month of April. Estimates are hovering around a rise of only 0.2% compared to March’s 0.8% gain. Consumer prices are anticipated to have remained subdued, increasing by only 0.1% month over month.
EUR-USD technical prediction may 15 2012
Today's support: 1.2782(main), where correction is possible. Break would give 1.2752, where correction also may be. Then follows 1.2738. Break of the latter would result in 1.2711. If a strong impulse, we would see 1.2693. Continuation will give 1.2676.
Today's resistance: - 1.2881 and 1.2915(main). Break would give 1.2938, where a correction is possible. Then goes 1.2957. Break of the latter would result in 1.2983. If a strong impulse, we'd see 1.3011. Continuation will give 1.3056.
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