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Forex: EUR/USD flat around 1.3060 ahead of Italy bonds auction

While Australia's PM Gillard is currently speaking at Brisbane, and ahead of another busy day for EUR/USD with key Italian sovereign bonds auction and second day of FED's Bernanke testifying on the Semiannual Monetary Policy Report before the House Financial Services Committee at 15:00 GMT, in Washington DC, the pair hits fresh session highs at 1.3074, off session lows at 1.3041, flat so far for the Asia-Pacific.

According to CMT and FXstreet.com Independent Analyst Fan Yang: “Fundamental risk is pressuring the Euro. If EUR/USD does fall further, the next “near-term” target could be 50% retracement (of 1.2041-1.3710) at 1.2875,” the analyst suggests, adding: “A rally back above 1.3125 could neutralize the bearish outlook for the time being.”

Fan finds support levels at: 1.2911, 1.2964 and 1.3015, while resistance levels at: 1.3119, 1.3172 and 1.3223.

Forex Flash: Australia domestic building seeds of growth could be germinating - NAB

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Forex Flash: USD/JPY Q2 target at 97 – JPM

“The main driver of JPY weakness has been an 'inflation expectations bubble' spurred by unrealistically high hopes for Abenomics,” say Global FX team at JP Morgan, with USD/JPY targets now “raised to 94 for Q1, 97 for Q2 and Q3, and 96 for Q4.”
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