Yesterday macroeconomic data on the eurozone was neutral, Industrial Production in France grew 2.2% vs. estimates for 0.2%, Industrial production in Italy decreased by 0.3% vs. forecast for a 0.1% growth and figures from March were revised up to -0.9%. Federal Reserve Bank of St. Louis James Bullard's speech was neutral as well. Positive news was from S&P credit rating agency which increased the US's AA+ credit-rating outlook to stable from negative (the euro grew slightly). Negative event was the news Germany's constitutional court will consider a case against the ECB's Outright Monetary Transaction program (OMT) today and tomorrow.
Today no mactroeconomic news pertaining the eurozone is published. At 15:30 GMT+4 NFIB Small Business Optimism Index in the US in May is published, forecast 93.4 vs. 92.1 in April. At 18:00 GMT+4 US Wholesale Inventories in April, forecast 0.1%-0.2% vs. 0.4% in March.
Technically we expect sideways move up to tomorrow when the Germany's constitutional court will announce the decision and data on Industrial production in the eurozone in April will be issued. As it is expected the court will not reconsider its decision but it may impose sanctions again. Forecast for Industrial production is -0.2% vs. 1.0% in March. We expect the euro will move downwardly to the first target 1.3188 and then to 1.3114, the level of Fibonacci on the H4. If the resistance of the trend line on 1.3292 is broken, the rate may reach the level of Fibonacci 61.8% on the level of 1.3340, however, downward movement is probable tomorrow.