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| Action Insight Weekly Report | Markets Snapshot |
Mid-Day Report: Euro Stabilized after Selloff, But Remains VulnerableEuro stabilized from initial post election selloff and recovered back above 1.3 against dollar. There was some support to the common currency from Germany's optimism that "close cooperation" will continue between Chancellor Merkel and French President Hollande. Also, Japanese Finance minister Azumi came out and pledged his ready to act if "speculative movements taking advantage of political factors", after today's slide in EUR/JPY. But after all, sentiments on Euro remains fragile as markets are in deep concern of Eurozone's ability to continue austerity and cure the root of the current debt crisis. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3048; (P) 1.3113 (R1) 1.3146; More..... EUR/USD recovers after dipping to as low as 1.2954 earlier today. But still, intraday bias remains on the downside with 1.3095 minor resistance intact and deeper decline is expected. As noted before, current development suggests that rebound from 1.2625 is already completed at 1.3486. Further fall should be seen to retest 1.2625 low first. Also, fall from 1.4939 is possibly resuming too 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 1.3095 will dampen this immediate bearish view and turn bias neutral first. |
| 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency has continued to edge higher today and orders at 1.3045-50 were filled, however, offers from various parties are still noted at 1.3070 and further out at 1.3095-00 with stops building up above latter level but fresh sell orders are expected to emerge around 1.3140-50. On the downside, bids from Middle East names are reported at 1.3000 and also at 1.2970 with mixture of bids and stops (related to 1.2950 option barrier) located at 1.2950-60 but fresh buying interests from same names and Asian sovereign names are tipped at 1.2920-25 and 1.2900. Option expires today include 1.3000 and 1.3025 (NY cut). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Buy at 0.9190Although the greenback rallied after holding above previous support at 0.9115, as price has retreated after meeting resistance at 0.9272, suggesting consolidation would be seen and pullback to 0.9191-93 (intra-day low and current level of the Kijun-Sen) is likely, however, renewed buying interest should emerge there and bring another rise later. A break of said resistance at 0.9272 would extend the upmove from 0.9043 low to 0.9300 Trade Idea: EUR/JPY – Sell at 105.50Although euro opened lower this morning in Tokyo and dropped to as low as 103.24, as the single currency has rebounded from there, suggesting consolidation would be seen and retracement to 104.50 and then 105.00 would be seen, however, renewed selling interest should emerge around 105.55 (Friday’s high), bring another decline later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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