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| Action Insight Weekly Report | Markets Snapshot |
Daily Report: EUR/USD Hovers Above 1.3 as Markets Ignore Greek Default RisksEuro continues to hover above 1.3 level against dollar after stabilizing from yesterday's sharp selloff. The final result of Greek election had New Democracy and Pasok secured only 149 out of 300 seats. New Democracy leader Samaras has already stated that he failed to form a new government and has "handed back the mandate" to the president. Analysts interpreted the result of the election as reflection of sharp decline in public support for mainstream parties in decade and showed public's strong opposition against austerity. Greece is facing an immediate task of securing the next tranche of bailout from EU/IMF or it may need to default its debt after running out of cash. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 103.49; (P) 103.97; (R1) 104.71; More With 104.61 minor resistance intact, current fall in EUR/JPY is expected to resume sooner rather than later to 61.8% retracement of 97.03 to 111.43 at 102.53. Break will pave the way to retest 97.03 low. Though, above 104.61 will likely bring stronger recovery back to 4 hours 55 EMA (now at 105.65). But even in that case, upside is expected to be limited below 108.00 and bring another fall. |
| Special Reports |
Elections in France and Greece - Increasing Uncertainty in Fiscal ReformsSocialist Francois Hollande won the French election with 52% vote, making him the first socialist candidate to be elected since 1981. Hollande's victory has called an end to the German-Franco, or the "Merkorzy", ally regarding fiscal policies of the Eurozone. Indeed, the return of Socialist government after 30 years is expected to mark the come-back of traditional France ruling, one which might complicated the situation in the West. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: Despite staging a strong rebound yesterday from 1.2956 to 1.3065, as the single currency has retreated this morning but buying interests from Asian sovereign names are still noted at 1.3000-10, more demand from East European and Middle East names remain at 1.2960-70 with some stops placed below option barrier at 1.2950. On the upside, offers from European names are lined up at 1.3060-70 and further out at 1.3090-00 with stops placed above latter level and also 1.3130. | |||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: USD/CHF – Buy at 0.9155Although the greenback has rebounded after holding above yesterday’s low at 0.9191, if our view a temporary top is formed at 0.9272 is correct, further consolidation would be seen and another retreat cannot be ruled out, below said support would bring retracement of the rise from 0.9043 to 0.9158 (50% Fibonacci retracement of 0.9043-0.9272), however, 0.9130 (61.8% Fibonacci retracement) would hold, bring another rise. Trade Idea: EUR/USD – Sell at 1.3120Although the single currency has rebounded after faltering below yesterday’s high of 1.3073 and initial downside risk is seen for weakness to 1.3000, as a temporary low is formed at 1.2956, downside should be limited to 1.2970-75 and bring another rebound, above 1.3068-73 (current level of the upper Kumo and yesterday’s high) would bring retracement of recent decline to 1.3120 (50% Fibonacci retracement of 1.3284-1.2956) and bring anther decline. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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