Downside Still Prevails albeit less, with chance of a rebound.

Currently continuing the decline from the Asian session into the European session ahead of US Core Durable Goods Orders at 1:30 pm GMT. Expect the pair to range between 12030 to 12048(Asian session low last night). Traders will likely not find any direction until the 1:30pm data release or the 3:00pm GMT CB Consumer Confidence data. Tonights 12:50 am GMT Japanese Retail Sales Figures y/y will likely influence afternoon trading during the US session. However tomorrow's 7pm GMT FOMC Statement will likely have the most impact because will the FED increase interest rates?

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12:45 GMT - Tue 27th Oct 2015 - UPDATE As predicted the pair has been under pressure and moved down to a low of 12015 and rebounded off this level back up to now 12045 - still under the Asian session low of 12048 ahead of the 1:30pm US Core Durable Goods in less than 45 more mins so it will range still between 12030 to 12048 until then.

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15:50 GMT - Tue 27th Oct 2015 - still ranging between 12030-12048.

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16:10 GMT Tue - The pair is moving down to now 12027 because the disappointing US consumer confidence data released at 15:00 GMT were for October, 97.6 vs 102.9 expected, prior 102.6 (revised from 103). The downside still prevails with key levels of support at 12025, 12011 and 12088.