EUR/USD looking for a foothold ahead of German trade data, UK Super Thursday

• EUR/USD hanging on in Asia following yesterday's decline, but selling pressure remains strong.
• German trade data at 07:00 GMT.
• UK's Super Thursday interest event promises market volatility.

EUR/USD has bounced following yesterday's decline from 1.2373, and is trudging upwards into 1.2280 during Tokyo. The pair is down 2% from last week's close, and currently trading into two-week lows.

Germany has Trade Balance and Current Account data due today at 07:00 GMT, with German Bundesbank President Jans Weidmann slated to give a speech titled "Monetary Policy in the European Context" at the Monetary and Economic Policies conference in Frankfurt. Weidmann will be taking the podium at 08:45.

The real risk to EUR/USD will be knock-on risk appetite following the UK's 'Super Thursday' triple-bill of the Bank of England (BOE) interest rate decision, minutes from the monetary policy committee (MPC) meeting, and the quarterly inflation report, all at 12:00 GMT. With equities trading softer today and commodities off their recent recoveries, it won't take much of a push to throw risk aversion back into the mix, sending traders piling into safe havens and riskier assets down the charts once again.

EUR/USD Technicals

Sellers are still very much in control, with the pair closing lower three of the last four trading days. That being said, if buyers are able to find a bottom here, then EUR/USD could see a pullback to the 38.2 Fibo level at 1.2351, but first they'll have to break through resistance at 1.2330 before any bullish corrections can get underway. 

Today's pivot points:
R2: 1.2464
R1: 1.2363
PP: 1.2304
S1: 1.2203
S2: 1.2145