Is there any resource online which has easy German (should use most common words in daily setting) and also has its English translation alongside?
The German part of about.com has a selection of dual-language texts. You will find them on this page. Note that not all of the texts are available in two languages, look for the ones marked dual-language.
However, they are not all elementary, but for example Die Bremer Stadtmusikanten should fit the bill. It even comes with German audio.
I copy-paste my answer to this question
I'm not related to Yabla.
But I have appreciated their video demos very much. There are subtitles, both german and english that you can switch on and off. The speed of the video can be slowered. And all videos are done by genuine german people, and often real video content. I think something like 300 or more videos, i don't remember. You should at least give a try there german.yabla.com. And I am tempted to subscribe personnally, I just wait to have a little more time during the week.
I have learned quite a bit just reading the questions written in german.SE. Google Chrome recognizes the text and German and offers to translate. Then hovering the cursor over the English translation pops-up a little box with the original text.
While the translation is often a little imperfect, I have no problem getting the general idea. The well-written German is the key, as opposed to the poorer English.
http://www.linguee.de/ is a very good one.
It indexes web pages & documents, which is in dual language, so when you search, instead of a meaning of the word you can get full sentences and "learn" that word in contex.
Here: http://www.has.vcu.edu/for/grimm/grimm_menu.html has dual-language text (among other resources!) for many Grimm stories.