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FXstreet.com (Barcelona) - EUR/USD is last at 1.3131, practically flat from previous weekly close Friday, with a very tight range traded since then, highs at 1.3139 recently made, and lows at 1.3003. The pair is higher by +2.48% from past Monday and +1.11% from previous Asia-Pacific open Friday alone. Lack of market events during present session along with Tokyo closed for holiday has made liquidity dropping and market players waiting for new EZ developments to start hitting the news wires.

Not many macro economic data EUR related will be released during London session ahead, starting with EU current account and Italian trade balance at 08:00 GMT, followed by EU labor costs 1 hour later. In the EZ sovereign debt front France will auction some short term maturities, while headlines coming from Greece or Spain could be out any time during the session.

Immediate resistance to the upside for EUR/USD shows at recent session highs 1.3139 as 38.2% retrace of daily down leg 1.4937/1.2024, followed by Friday and fresh 4-month highs at 1.3167, and April 12 highs at 1.3213. For the downside, nearest term support comes at recent session lows 1.3103, followed by April 14 lows 1.2994, and Dec 14 2011 lows at 1.2943.

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