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Daily Report: EUR/JPY at Decade Low as Euro Broadly PressuredEuro dived to decade low against yen and hover after yesterday's record low against aussie. The common currency remained broadly pressured in spite of solid bond auctions recently. Italy will sell as much as EUR 8.5b of bonds due from 2014 to 2022 today. Based on recent auctions, today's result would likely be positive. However, there isn't any sustainable buying Italian bonds to send rates away from 7%. Meanwhile, there were increasing talk about ECB's record bank deposits and the ineffectiveness of the three year LTRO in improving interbank liquidity. Both developments would likely keep Euro soft and any recovery attempt should be temporary. Recent selloff should continue in thin year-end trading. In Greece, the main political parties have agreed to postpone parliamentary elections by two months to give time for the interim government to pass important reforms. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 100.46; (P) 101.12; (R1) 101.54; More EUR/JPY's recent decline resumed by taking out 10104 and dropped to new decade low of 100.35 so far. Intraday bias is back on the downside for 100 psychological level first. Break will target 61.8% projection of 123.31 to 100.74 from 111.57 at 97.62 next. On the upside, break of 102.53 resistance is needed to signal short term bottoming. Otherwise, near term outlook will remain bearish even in case of recovery. |
| Economic Indicators Update | Don’t miss the largest investor and trader gathering in the World—The World MoneyShow Orlando, February 9-12, 2012 at the Gaylord Palms Resort. Be there as recommendations and advice are revealed for how to best position your portfolio for profit—in 2012 and beyond. Register Free Today! | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Merry X'mas and a Happy New Year, no update next week, next Candlesticks and Ichimoku Trade Idea update will be made on 2 January 2012 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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