Forex: EUR/USD very quiet above 1.2450

FXstreet.com (Barcelona) - EURUSD is near its session lows at current 1.2461, in yet another quiet Asia-Pacific session for the single currency. The single currency has been strongest major in last 2 days, along with Swiss Franc, while commodity currencies such as AUD or CAD had been weakest. The pair is again in a tiny 16 pip spread for the time being since session started, with highs at 1.2478, slightly below yesterday's and 6-week highs at 1.2488. While gold is at a 2-month high around $1637, local share markets trade mostly in the red, with Nikkei losing some -0.43% and US SP500 futures at a 3 day low.

For second day in a row no major EUR macro data related will be released during London session hours, leaving main risk events for the NY session ahead, starting with US new home sales at 14:00 GMT followed by FOMC minutes at 18:00 GMT. In the sovereign debt auctions front Germany will sell up to ¬ 5B in 2 year federal notes at 06:00 GMT, while Spain had a good auction yesterday and its 10 year yields are down for 10th consecutive day around 6.2%, and risk premium with Germany below the 500bps.

In a thin summer vacation markets most volatility could come from sudden headlines related with German-Greece negotiations going on starting today with a meeting between EU Jean-Claude Juncker and Greece PM Samaras, that will extend on the 24th between Samaras and Merkel, and then on Aug 25 when Samaras will meet Hollande.

Immediate resistance to the upside for EURUSD shows at yesterday's highs 1.2488, followed by May 24/June 22 lows and 0.38 Fibo retrace of down leg 1.3281/1.2037 at 1.2513, and June 18 lows at 1.2555. For the downside, closest support comes at Aug 06/07 highs at 1.2442, followed by Aug 14/17 highs at 1.2383, and July 19 highs at 1.2326.