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Mid-Day Report: Euro Dips As Greece Bailout Approval to be Delayed AgainEuro dips again today on talk that approval of Greece's bailout would be postponed to February 20 at earliest and could even but postponed to April after election. Greek Finance Minister Venizelos is working on meeting the requirements before EU finance minister's conference call and is hope to wrap up the only "very few" issues left before that. But Venizelos also expressed his frustration, saying that Greece is "continually faced with new terms". He even complained that "in the euro area, there are plenty who don't want us anymore. There are some playing with fire, domestically and abroad. Some are playing with torches and some are playing with matches. But the risk is equally great." |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3153; (P) 1.3218 (R1) 1.3252; More... EUR/USD's choppy fall from 1.3321 is still in progress and intraday bias is mildly on the downside for 1.3028 support. As discussed before, a short term top is likely in place at 1.3321 with bearish divergence condition in 4 hours MACD. Break of 1.3028 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, though, above 1.3215 will flip bias back to the upside for 1.3321 resistance. Break will extend the rebound from 1.2625 towards 61.8% retracement of 1.4246 to 1.2625 at 1.3627. |
| Special Reports |
China Hesitate to Act although It Reiterates to Support EurozoneAs the sovereign debt crisis in the Eurozone continues to deteriorate, EU financial ministers have been traveling abroad to seek assistance besides pulling funds among member nations. After German Chancellor's visit to Beijing earlier this month, Mr. Herman Van Rompuy, President of the European Council, and Mr. Jose Manuel Barroso, President of the European Commission, discuss with Chinese Premier Wen Jiabao at a China-EU summit on possible Chinese investment in the EU bailout fund. China's response sounded once positive with Premier Wen stated that it's in China's interest to see the Eurozone "maintain stability and prosperity" and "China is firm in supporting the EU side in dealing with the debt problems. We match our words with actions". His comments were echoed by PBOC's governor Zhou Xiaochuan who stated that "our state leaders promised European leaders that, amid the global financial crisis and the Europe sovereign debt crisis, China will not cut the proportion of euro exposure" and China "has always been confident in the euro and its future". Despite the reiterations, China has so far failed to commit an amount or a time of the investment. What are hindering China's move? |
| 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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Trade Idea update will resume on Tuesday - 21 Feb 2012. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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