Forex: EUR/USD prints fresh 3-month low on risk-off sentiment following JP Morgan debacle

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Forex: EUR/USD prints fresh 3-month low on risk-off sentiment following JP Morgan debacle

FITITOL--> FXstreet.com (Barcelona) - EUR/USD is currently at 1.2922, off session and fresh 3-month lows at 1.2904, and barely above previous weekly lows Wednesday at 1.2911. The pair finds short term resistance at 1.2932, with all local share market trading in the red, Nikkei index lower by -0.31% below key 9000 points mark, and Hang-Seng at multi-month lows down by -1.17%, along with gold nearing fresh 2012 lows below yesterday's lows around $1586.

The London session ahead only shows German final CPI at 06:00 GMT as EUR macro data related, with short term Italian debt auction along the European morning, aside from the political headlines will be coming out from troubled peripheral countries such as Spain or Greece. Instead B. Pound will have PPI input at 08:30 GMT which could bring extra volatility to EUR/GBP, already at 3 and a half plus year lows. Later in the NY early session will come key risk events for this Friday in the form of US PPI for the month of April, and Preliminary U S University of Michigan consumer confidence.

Immediate resistance to the upside for EUR/USD comes at current Asian session open at 1.2930, followed by session highs 1.2944, and Monday's lows 1.2954, while for the downside closest support lie at recent session and fresh 3-month low 1.29004, followed by Dec 29 lows at 1.2858, and Jan 17 highs at 1.2809.