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FXstreet.com (Barcelona) - EUR/USD is last at 1.2135, off double session lows at 1.2127, retracing from yesterday's NY session highs at 1.2163. The pair was unable to break above previous 2012 lows July 12/13 at 1.2165 after an ECB member suggested the ESM might get a banking license in an interview with Bloomberg yesterday. Local share markets are trading in the light green with Nikkei index higher by +0.41%, while oil and gold show divergences with oil down and gold up.

All eyes in the London session today will be on ECB president Draghi's speech in a panel discussion in London along with BoE governor King at the Global Investment Conference to start at 09:30 GMT. Following Austrian Nowotny's comments yesterday, all market will pay attention on signals from Draghi whether he keeps opposing such measures like the one suggested for the ESM, or not.

Also Gfk German consumer climate will be released at 06:00 GMT, followed by EU M3 and Italian retail sales 2 hours later. Later on will come US core durable goods and unemployment claims at 12:30 GMT, and US pending home sales at 14:00 GMT. So a busy day ahead, apart from the possibility Italy might auction up to € 2.5B in BTPeis, although according to Emese Bartha: "Italy will skip the BTPei auction this week."

Immediate support for EUR/USD to the downside shows at recent session lows and present levels as previous Monday's highs around 1.2130, followed by Monday's lows at 1.2066, and yesterday's and 2 fresh 2-year lows at 1.2040. For the upside, closest resistance comes at yesterday's highs/July 12/23 lows at 1.2165, followed by July 16 lows at 1.2180, and July 17 lows at 1.2190.

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