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FXstreet.com (Barcelona) - EUR/USD is currently at 1.2394 amid a light selling pressure, just 3 pips below its starting price in Asia-Pacific, in another soft trading session, with lows in between at 1.2376, and highs at 1.2403. Not only flat for current session, but also from previous Asia-Pacific open yesterday, and weekly open Monday. It looks like if it were waiting for something, though no body knows what for certain. Instead, local share markets trended higher for third consecutive day in the week, Nikkei index up by +1.27%.

Again a quiet session ahead in London in terms of EUR macro data related, starting at 06:00 GMT with German current account and trade balance, followed 30 minutes later by French BoF business sentiment, and trade balance 15 minutes after, Spanish industrial production at 07:00 GMT, and probably most important, German industrial production at 10:00 GMT. In the sovereign debt front Germany will auction up to € 4B in 10 year bunds at 06:00 GMT, with 10 year yields on the rise since record lows at 1.12% on July 23, last at 1.48%.

Immediate support to the downside for EUR/USD comes at the base of these last two days range at 1.2376 and recent session low, followed by current weekly low Monday at 1.2341, and July 17/19 highs at 1.2315. For the upside, closest resistance shows at recent double weekly high yesterday and Monday at 1.2441, followed by May 24 lows and 0.38 retrace of down leg 1.3286/1.2040 at 1.2513, and June 18 lows at 1.2555.

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