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Daily Report: Euro Soft as Spanish Banks Downgraded Again, Cyrus Sought BailoutEuro remains broadly soft as continued to be weighed down by negative news flow from Eurozone. Spain formally requested for bailout for its banks yesterday and is expecting to finish the MOU before EcoFin meeting in early July. The bank bailout program agreed earlier this month could give Spanish banks a lifeline of as much as EUR 100b and it's estimated it may take as much as EUR 62b in the worst case scenario European Union Economic and Monetary Affairs Commissioner Olli Rehn emphasized that "Restructuring the banking sector is key to reinforce the confidence in the Spanish economy and to restore the conditions to proper access to credit by companies and households, thus for sustaining the recovery". |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 98.81; (P) 99.96; (R1) 100.77; More Intraday bias in EUR/JPY remains neutral for the moment. Rebound from 95.64 could extend higher with 98.53 minor support intact. But considering bearish divergence condition in 4 hours MACD, even in case of another rise, upside should be limited by 61.8% retracement of 108.00 to 95.64 at 103.27 and bring reversal. On the downside, break of 95.83 should now indicate that larger decline from 111.43 is resuming and should flip bias back to the downside for 95.64 and below. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: The single currency found buying interests just below 1.2500 and has rebounded again ahead of European session on short-covering, bargain hunting activities were noted and offers at 1.2500-10 were filled. At the moment, bids from short-term specs are reported at 1.2500 as well as 1.2470-75 with stops building up below 1.2470, followed by combinations of bids and stops in good size at 1.2440 and 1.2400. On the upside, although stops at 1.2525-30 are now in focus, offers from various parties (including funds and European names) are lined up at 1.2550-60 and also from 1.2580 up to 1.2600 with sizeable stops building up above 1.2640-50. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: USD/CHF – Buy at 0.9550As dollar has retreated after yesterday’s rise to 0.9629, suggesting a minor top is possibly formed there and consolidation below this level would take place with mild downside bias for retracement to the upper Kumo (now at 0.9572), however renewed buying interests should emerge around previous support at 0.9547 (Friday’s low), bring another rise later. Trade Idea: USD/JPY – Buy at 79.05Although dollar has rebounded after intra-day brief fall to 79.43, reckon the Kijun-Sen (now at 79.80) would limit upside and near term downside risk remains for the fall from 80.63 (yesterday’s high) to extend weakness to 79.25-30, however, 79.00-05 should limit downside and bring rebound later. Only above the Ichimoku cloud bottom (now at 80.09) would suggest low is formed and bring test of the upper Kumo 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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