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| Action Insight Weekly Report | Markets Snapshot |
Mid-Day Report: Euro Firm Against Dollar as Eurozone Finance Ministers MeetEuro is firm against dollar but fails to extend gain as markets remain cautiously optimistic on Eurozone finance minister meeting. Luxemburg prime minister Juncker tried to cool expectations and that that it won't be possible to " reach a volume of EUR1T" as the "prerequisites" are no there. Juncker said that a proposal to boost the combined firepower of EFSF and ESM to EUR 1T won't be approved today as it "would not find support". Nonetheless, increasing the fund is widely expected as EU Economic and Monetary Affairs Commissioner Rehn said that he's confidence to such a boost as it's time to "complete the crisis response by further reinforcement of the euro-area financial firewalls". |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3253; (P) 1.3299 (R1) 1.3347; More..... EUR/USD is still struggling in tight range below 1.3385 temporary top and intraday bias remains neutral. Nonetheless, with 1.3191 minor support intact and near term outlook is cautiously bullish. Above 1.3385 will target 1.3486 first and break will confirm resumption of rebound from 1.2625 and will target 61.8% retracement of 1.4246 to 1.2625 at 1.3627 next. On the downside, below 1.3191 minor support will mix up the outlook and turn focus back to 1.3003 support. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency has maintained a firm undertone in European session and despite intra-day retreat from 1.3377, renewed buying interests from Asian sovereign names emerged again around 1.3325, more bids from same parties are still noted at 1.3300 and further out at 1.3250-60 with stops building up below 1.3250 and 1.3190. On the upside, some offers are still noted at 1.3380-90 (for protection of 1.3400 option barrier) and stops are naturally placed above there and also next barrier at 1.3450. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: USD/CHF – Sell at 0.9065Despite yesterday’s breach of previous resistance at 0.9082, as renewed selling interest emerged at 0.9093 and dollar has fallen again from there, suggesting recent decline from 0.9335 top is still in progress and weakness to psychological support at 0.9000, then 0.8980 would be seen, however, near term oversold condition should prevent sharp fall below the latter level there and reckon support at 0.8931 would hold Trade Idea: USD/CAD – Hold short entered at 1.0000Despite yesterday’s rise to 1.0019, subsequent retreat after faltering below last week’s high of 1.0034 has retained our consolidative view and bearishness remains for another decline, below support at 0.9901 would bring weakness towards indicated previous support at 0.9861, however, break there is needed to bring retest of recent low at 0.9842. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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