Early NY bears were spooked as Portugal's 10 year bond issue looked set for solid demand & German Industrial orders for March came in at +2.2% (-0.5% exp). The news awoke a slumbering EUR/USD mkt & the pair spiked up from 1.3078 to a session high of 1.3132. Asian offers in the 1.3140/50 region held bulls in check. The gains were given away a short while later though as the ECB's Weidmann & Noyer stated EZ competitiveness should be improved as a whole, Germany shouldn't be weakened and it is up to other EZ nations to catch up to Germany. The pair slipped to 1.3105. Another leg lower took hold after Japan revised up its nominal GDP for the Oct-Dec quarter. EUR/JPY cleared 129.80 support, hit stop & hit a low of 129.30. EUR/USD broke below 1.3100 support & hit 1.3073. Bounces were limited to 1.3090 & the pair settled near the NY lows. The chop in EUR/USD persists but bears may win out. The pair is below the 10 & 21 DMAs & a doji on the daily candle
suggest sellers lurk. Solid bids still sit near 1.3050 & ahead of 1.3000. If those are cleared, the Apr 24 low comes into play. A break there suggests a test of the April low is due.
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