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Mid-Day Report: Euro Recovery Short-Lived, Selloff Resumed as Greece Declare New ElectionEuro's recovery was rather short-lived and the common currency is under tremendous selling pressing in early US session on news that Greece will hold a new election after multiple efforts to form a government. President Papoulias's spokesman said that declared new vote after failing to persuade political leaders to form a technocrat government. No firm date for new election was given yet but it's believed that new election will be in mid-June. A caretaker government will be formed tomorrow. EUR/USD broke 1.28 level after the news. Major European stock indices turned red while US equities opened mildly lower. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.2796; (P) 1.2850 (R1) 1.2879; More..... EUR/USD's fall resumes after brief consolidation and reaches as low as 1.2770 so far today. intraday bias is back on the downside. As noted before, rebound from 1.2625 is already completed at 1.3486 and current fall should target a retest on 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. On the upside, above 1.2869 minor resistance will turn bias neutral and bring consolidation. |
| Special Report |
RBA Releases Dovish Minutes in MayThe May minutes released by the RBA came in more dovish than expected. Together with the SMP released on May 4, it suggested that policymakers are forecasting more moderate inflation levels than previously anticipated. Overall, the chance of further rate cut is a tug of war between apparently improving domestic economic indicators released recently and the foggy external environment especially in the Eurozone. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency dropped again in European session on fresh speculation of Greek euro exit, option barrier at 1.2800 was tripped and although some bids are reported above next barrier at 1.2750, stops below there are now in focus with next sizeable barrier located further out at 1.2700 (related to a large DNT). On the upside, offers from Asian CBs are lowered to 1.2810-20 and selling interests are expected to emerge around 1.2850 and from 1.2870 up to 1.2890 with stops building up above 1.2900. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: EUR/USD – Sell at 1.2950As the single currency has rebounded after intra-day marginal fall to 1.2814, suggesting a minor low is formed and consolidation with upside bias is seen for retracement to the Ichimoku cloud bottom (now at 1.2894), however, upside should be limited to the upper Kumo (now at 1.2920) and renewed selling interests should emerge below 1.2958 and bring another decline. A break of said support would extend recent decline to 1.2800 Trade Idea: EUR/JPY – Sell at 104.50As the single currency has remained under pressure, suggesting recent decline is still in progress and weakness to 102.00 is likely, however, loss of near term momentum should prevent sharp fall below 101.50 and reckon 101.00 would hold from here, risk from there is seen for a corrective bounce to take place later. Above 103.35-40 would bring minor correction to 103.75-80 but renewed selling interests should emerge around 104.50 and bring such a decline later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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