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Mid-Day Report: Euro Lacks Follow Through Buying as Markets Remain Cautious on GreeceThe boost from Greek's passing of the parliamentary vote to Euro was rather weak so far as EUR/USD continues stay below 1.33 level in spite of today's recovery. EUR/JPY is also held below last week's high of 103.28. Greece is set to present the whole package to EU finance ministers as soon as Wednesday to secure the EUR 130b second bailout. European economics affairs commissioner Rehn said today that the vote was a "crucial step" but there is still further work to do for the new bailout to be agreed and the other conditions include "the identification of the concrete measures of the EUR325 million" and the review would be completed by next Eurogroup meeting, which will then decide on the adoption of the program. Also, note that troika could release a report on revised assessment of Greece's debt sustainability. Germany's parliament will only vote for the second bailout after receiving the debt sustainability report. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3141; (P) 1.3216 (R1) 1.3276; More... EUR/USD is still limited in tight range below 1.3221 and intraday bias remains neutral for the moment. As noted before, a short term top is likely in place at 1.3321 with bearish divergence condition in 4 hours MACD. Focus remains on 1.3028 support. Break there will indicate completion of the rebound from 1.2625 and bring retest of this support. Also, in that case, whole decline from 1.4939 is likely resuming for another low below 1.2625. On the upside, however, above 1.3321 will extend the rebound from 1.2625 towards 61.8% retracement of 1.4246 to 1.2625 at 1.3627. |
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