Forex: EUR/USD retreats in Asia-Pacific but holds above 1.3000

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Forex: EUR/USD retreats in Asia-Pacific but holds above 1.3000

FITITOL--> FXstreet.com (Barcelona) - EUR/USD is currently at 1.3029, near Asia-Pacific session lows and 0.38 retrace of last recovery move from fresh 3-month lows yesterday at 1.2955 to daily high at 1.3064. Worse than expected trade balance figures in Australia did not help much to risk appetite in the region, despite the fact local share markets bounced from multi month lows reached yesterday after the massive sell-offs.

The London session ahead shows a soft agenda EUR related, with France closed on holiday and German industrial production at 10:00 GMT followed by ECB chairman Draghi giving a speech at 12:30 GMT as main two risk events for the European morning session. Sovereign long term debt auction from Netherlands will also take place as well as short term debt from Greece. The Australian annual budget release at 09:30 GMT could also bring some volatility to markets.

Immediate support to the downside for EUR/USD once below recent session lows at 1.3024 would come at April 16 lows and 0.618 retrace for same up leg mentioned above around 1.2995, followed by yesterday's lows at 1.2961 and Dec 14 lows at 1.2945. For the upside, closest resistance shows at yesterday's highs and 0.5 retrace of last leg down 1.3180/1.2955 at 1.3065, followed by Thursday's lows 1.3095 and 0.618 retrace of same leg down, and 1.3020 as Wednesday's lows and 0.5 retrace of 1.3285/1.2955 leg down.