A bunch of major economic events are to be released from Europe today following yesterdays main headline from the U.S., where the federal reserve mentioned no clue for additional monetary stimulus; further decreasing the possibilities for another aid to markets. Although the U.S. economy has shown improvements during the recent months, the recovery has no real evidence of sustainability, while the euro area continues to struggle fighting its debt woes under the threat of economic recession. On the east side of the world, an obvious slowdown was seen of major economies and concerns of hard landing in china remains on the table, thus its could be no good news for markets in the near term.

The U.S. dollar rallied as treasuries yields soared; the dollar index(USDIX)printed a high at 79.65 this morning and currently pushing to the upside after opening today's session at 79.37.

From Europe; retail sales were down last month contracting 0.1% from the revised up 1.1% in February, while final services figures showed slight improvement to 49.2 in March from 48.7 in February.

The EUR/USD plunged to new lows currently trading around 1.3175 after printing a low at 1.3163 and starting the trading session at 1.3232 below the key support level and neckline for a double top technical pattern at 1.3260. The pair is trading below the 50-days SMA as well hinting further negativity could be seen in the upcoming period eying the recent lows near 1.3000 areas.

The Euro could feel further pressure today as Spanish yields rise before the anticipated 3.5 billion Euros of medium term 2015, 2016 and 2020 bonds sale later today. Concerns over the countries ability to finance itself; while public debt could jump to the highest levels since more than 20 years this year, could push borrowing costs higher today.

One of the major event-risk for day is the European central bank minimum bid rate and press conference, where the bank is expected hold its benchmark rate steady at 1.00% , while any extra dovish or hawkish comments from Mr. Draghi could have a major impact on currencies.

Despite the clear improvements we have seen recently in U.K's economic figures, the pair remains under downside pressure as the U.S. dollar continues to outperform. Halifax home prices index showed clear recovery as the index printed a 2.2% rise in prices of homes across the country, on the other hand; the services sector expanded above market consensus at 55.3 in March from 53.8 in February.

The pair GBP/USD failed to hold above 1.6000 psychological level to fall sharply again, breaching a rising wedge pattern , price is extensively oversold over the lower timeframes, thus if we witness an upside pullback it's expected to be shallow and short lived, downside main support level at 1.5770.

USD/JPY pushed higher yesterday as well. However paring gain now; the U.S. dollar is currently losing grounds against the safe haven yen as markets feel skeptical. The pair is currently trading in the negative territory around 82.25 after opening the session at 82.80. In general a clear range bound among 83.20 and 81.75 is seen, a breakout either side shall hint the next potential move.

ADP non-farm employment change and ISM services PMI to be released from the U.S. today at 12:15 and 14:00 GMT respectively, important headlines to watch.