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Daily Report: Euro Opens Lower as Greece Steps Closer to Another ElectionEuro opens the week lower as Greece step further closer to new election in June. Greek President Papoulias leaders of major parties on Sunday hopping to form a unity government but failed. The discussions would be continued today but political leaders have expressed little optimism for a result. Indeed, far-left Syriza's leader Tsipras accused other politicians of "demanding that Syriza become an accessory to a crime" after Sunday's meeting. He reiterated that as long as they "insist on the bailout, to a policy that the people have rejected, they cannot ensure social stability". And, Tsipras said he will not attend today's meeting. It's highly likely that Papoulias will call new elections, most likely for June 10 or 17. |
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| Featured Technical Report | |
EUR/USD Daily OutlookDaily Pivots: (S1) 1.2896; (P) 1.2926 (R1) 1.2949; More..... EUR/USD edges lower to 1.2870 today and intraday bias remains on the downside for the moment. As noted before, rebound from 1.2625 is already completed at 1.3486. Near term outlook will remains mildly bearish as long as 1.3065 resistance holds, even in case of recovery. Current fall should extend to retest 1.2625 support first. Also, whole decline from 1.4939 is possibly resuming and break of 1.2625 will target 61.8% projection of 1.4246 to 1.2625 from 1.3486 at 1.2484 next. Though, above 1.3065 will dampen this immediate bearish view and mix up the outlook. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: The single currency dropped below 1.2900 this morning on continued worries over eurozone debt crisis and option barrier there was tripped, however, more option defensive bids are reported at 1.2860-70 with more stops placed below next barrier at 1.2850. On the upside, offers from various parties are lined up at 1.2930-35 and also at 1.2950-55 with stops building up above latter level as well as 1.2980 but fresh offers are expected around 1.3000 and further out from 1.3040 up to 1.3060. | |||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: USD/CHF – Buy at 0.9210Although the greenback has continued to trade with a firm undertone and test of previous resistance at 0.9335 cannot be ruled out, loss of near term upward momentum should limit upside to 0.9350-60, risk from there is seen for a retreat later. Below the Kijun-Sen (now at 0.9299) would bring test of the Ichimoku cloud bottom (now at 0.9274), then previous support at 0.9257), however, renewed buying interests should emerge above previous support at 0.91919, bring another upmove later. Trade Idea: EUR/USD – Sell at 1.2995As the single currency has remained under pressure, suggesting recent decline is still in progress and further weakness to 1.2870 and possibly 1.2850 would be seen, however, loss of downward momentum should prevent sharp fall below 1.2820-30 and reckon 1.2800 would hold, risk from there is seen for a strong rebound later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||
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