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Daily Report: Euro Firm as EU Set to Boost Bailout Fund to EUR 940bEuro remains generally firm before EU finance ministers meet in Copenhagen tomorrow to decide on the way to combine the temporary EFSF and ESM during the one year period of parallel run. It's reported that according to a draft statement for the meeting, EU finance ministers are preparing to raise to total firepower of the bailout funds to as high as EUR 940. That including combining the EUR 500b ESM with EUR 200b committed by the EFSF. Additional EUR 240 from the EFSF could be tapped "in exceptional circumstances following a unanimous decision of euro-area heads of state or government notably in case the ESM capacity would prove insufficient". As the EFSF expires in mid-2013, the permanent bailout ceiling would revert to EUR 700b. The plan is expected to be approved by EU finance ministers during the weekend and would provide some support to the common currency. |
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| Featured Technical Report | |
EUR/GBP Daily OutlookDaily Pivots: (S1) 0.8348; (P) 0.8372; (R1) 0.8404; More. With 0.8334 minor support intact, recovery from 0.8283 could extend further. However, as long as 0.8423 holds, we're holding on to the view that corrective rise from 0.8221 is finished with three waves up to 0.8505 and the larger decline from 0.9083 is resuming. Below 0.8334 minor support will flip bias back to the downside for 0.8221 low. But, break of 0.8423 will dampen this bearish view and indicate that rebound from 0.8221 is possibly still in progress for another above 0.8505 before completion. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: Despite falling to 1.3277 yesterday (stops below 1.3300 and 1.3280 were tripped), the single currency found renewed buying interest there and has rebounded in late U.S. trading, the pair stays above 1.3300 level today on persistent bids from Asian and Eastern European names and buying interests from them are still noted at 1.3305-10 and also at 1.3275-80 with more stops placed below 1.3260. On the upside, offers are still noted at 1.3370-75 and option related offers remain at 1.3385-95 (for protection of stops above 1.3400 option barrier), more stops are building up above next barrier at 1.3450. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: GBP/USD – Buy at 1.5810Although cable has rebounded after finding support at 1.5842 yesterday, above the Ichimoku cloud top (now at 1.5963) is needed to signal the correction from 1.6002 has ended and bring retest of this level, otherwise, further consolidation would take place and another corrective fall cannot be ruled out. Below 1.5850 would bring weakness towards 1.5807 support which is likely to limit downside and bring another rise later towards 1.6002. Trade Idea: EUR/USD – Buy at 1.3255Although the single currency has rebounded after falling to 1.3277 yesterday (failed to close below the Ichimoku cloud bottom on an hourly basis), a break of 1.3374 (yesterday’s high) is needed to signal the pullback from 1.3385 has ended and bring retest of this level, otherwise, further consolidation would be seen. Below 1.3300 would bring another corrective fall to 1.3277, however, 1.3250-5 should limit downside, bring another rise later Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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