EUR Trading Outlook (30-04-2014)

AUD/USD: Overall still in a relatively bearish sentiment on the pair. A soft reading on China PMI would increase pressure on the AUD. For now, support still at 0.9205/25, a break would test 0.9170 and 0.9150. On the top side, 0.9320 resistances is still holding up.

EUR/USD: Monthly-end interest from corporates capped EUR/USD’s rally at 1.3880 overnight and the looming German HICP saw recent longs lightened up. The below f/c EZ CPI slammed the recent EUR rally back to 1.3800 area. Bids into 1.3800 and near the 21-DMA kept stops sub -1.38 for now. Market awaits for EZ CPI print tomorrow, a weak data could see 1.3780 support break and a test of cloud base 1.3722 could be tested.