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Forex pairs in this Article » EUR/USD (Barcelona) - EURUSD has been trading to the downside most of the start of the week in Asia-Pacific after a fake push to session highs around 1.2684 in the early interbank trades, for then being sold off once Tokyo opened, hitting bottom at 1.2614, last at 1.2625, around same levels first intraday highs Friday after EU Summit decided on the bank aid thru EFSE. With Hong-Kong closed for holiday, local share markets traded modestly to the upside, with Nikkei opening around the 9100 points to finally getting closer to the 9000, still higher by +0.18%.

London session ahead will bring some EZ sovereign short term deb auctions from France and the Netherlands, along with Italian PMI figures at 07:45 GMT followed 15 minutes later by EU PMI, and Italian unemployment rate. EU unemployment rate will be out at 09:00 GMT. Later in the NY session US ISM manufacturing PMI will come at 14:00 GMT.

According to Chris Capre from 2ndSkiesForex: "If last weeks high at 1.2746 is cleared, expect short term bullish momentum to continue up to 1.2822 and 1.2913," the analyst says.

For the immediate term, support to the downside for EURUSD comes at current levels as recent session lows as well as Jan 13/16 lows and May 28/June 07 highs at 1.2625, followed by May 29 highs/June 19 lows at 1.2575/68, and June 18 lows at 1.2557. For the upside, nearest resistance shows at Friday's NY session lows at 1.2635, followed by current session's highs at 1.2684, and Friday's highs at 1.2693.
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