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Daily Report: Euro Recovers after Finance Minister Meeting, BoJ on Hold, FOMC AwaitedAfter Eurozone finance ministers meeting, Luxembourg prime minister Juncker said the Greek programs has now been "politically adopted" by the eurogroup. The second bailout of EUR 130b to Greece was signed off and will be formally approved on March 14. IMF is expected to vote on its contribution on March 15. EFSF CEO Regling said that Greece will receive first first payment of EUR 5.9b in March, second EUR 3.3b in April and third EUR 5.3b in May. Greek finance minister Venizelos said the situation for Greece has changed and will have "an effect on the economic life of the country". Venizelos pledged to continue implementation of its austerity program to fulfil the "fundamental obligations". |
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| Featured Technical Report | |
EUR/GBP Daily OutlookDaily Pivots: (S1) 0.8368; (P) 0.8392; (R1) 0.8433; More. EUR/GBP's recovery from 0.8313 extends further and reached as high as 0.8423 so far and such recovery could continue. But at this point, we're favoring the case that corrective rise form 0.8221 is finished with three waves up to 0.8505. Hence, upside of current recovery should be limited below 0.8505 and bring another fall eventually. Below 0.8313 should bring retest of 0.8221 first. Break will confirm resumption of whole decline from 0.9083 and should target 61.8% projection of 0.8830 to 0.8221 from 0.8505 at 0.8129. |
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European Session: Orders and Options WatchEUR: The single currency rebounded from yesterday's low of 1.3079 on short-covering ahead of FOMC and also risk appetite, however, offers are still noted at 1.3190-00 with stops building up above 1.3235-40 (some sell orders around 1.3215-20) but large selling interests are tipped further out at 1.3270 and 1.3290-00. On the downside, bids from Asian sovereign names are reported at 1.3140 and also 1.3100-10 with stops building up below 1.3100 and 1.3070 but more buying interest is likely to emerge above barrier at 1.3050 and 1.3000. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/USD – Hold short entered at 1.3190As the single currency staged a strong rebound after falling to 1.3079 yesterday, suggesting consolidation would be seen, however, as price has retreated after meeting renewed selling interest around the Ichimoku cloud top, retaining our bearishness and break of the Kijun-Sen (now at 1.3137, this would also penetrate lower Kumo at 1.3138) would signal an intra-day top is formed, bring further fall to 1.3090-00. Trade Idea: USD/JPY – Buy at 81.60Dollar’s retreat after last week’s rise to a 10-month high of 82.65 suggests consolidation below this level would take place and mild downside bias is seen for retracement to previous resistance at 81.87, however, reckon minor support at 81.46 would limit downside and bring another rise later. A break of said resistance at 82.65 would extend recent rise to 82.85 but near term overbought condition should limit upside to 83.00 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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