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Daily Report: Euro Rebounded Strongly as EU Summit Surpassed Low ExpectationsExpectations on the EU summit was so low that when something concrete was agreed, Euro and risks markets were given a strong boost. After a brief dip to 1.2406 against dollar and 98.32 against yen, Euro is now back pressing 1.26 against dollar and breached 100 against yen already. Investors cheered the outcome of first day of the summit with Asian equities broadly higher while European stocks also have a strong open. Dollar and yen were, on the other hand sharply lower with dollar index back below 82 level. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 98.30; (P) 98.88; (R1) 99.45; More The breach of 98.53 minor support was brief and EUR/JPY quickly recovered. Indeed, the strong of the rebound and bring of 99.96 minor resistance indicates that whole corrective rise from 95.64 is still in progress. Intraday bias is mildly on the upside for 101.62 and above. Nonetheless, we're still expecting strong resistance from 61.8% retracement of 108.00 to 95.64 at 103.27 to finish the correction, on bearish divergence condition in 4 hours MACD. On the downside, break of 98.32 minor support will revive that case that rise from 95.64 is completed and bring retest of this low. |
| Special Reports |
China Watch: Reverse Repos, Capital Flow And RMBIn order to ease the liquidity condition, the People's Bank of China (PBOC) conducted 14-day reverse repurchase operations worth of RMB 125B over the past 2 days. This was the third round of reverse repo operations, following similar money injection in January and May. The move raises the chance of another RRR cuts in coming day. Meanwhile, recent data shows that differential between RMB spot and fixing has sent a signal of capital outlook from the country, adding concerns over depreciation in RMB. |
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European Session: Orders and Options WatchEUR: Despite yesterday's fall to 1.2409, the single currency staged a strong rebound this morning in Asia on very positive reactions from traders to the steps by EU leaders to lower funding costs for the nations of the eurozone, stops above 1.2500, 1.2535-40 and 1.2590 were triggered, more stops are reported above 1.2630, more stops are expected around 1.2700-10, followed by mixture of offers and stops at 1.2740-50. On the downside, first layer of buy orders are located at 1.2570 and also at 1.2550 with more buying interests expected from 1.2530 down to 1.2500. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: USD/CHF – Sell at 0.9620Despite yesterday’s brief rise to 0.9679, the subsequent selloff on dollar’s broad-based weakness signals the rise from 0.9424 has ended there and consolidation with downside bias is seen for weakness towards 0.9500 and possibly 0.9470, however, near term oversold condition should limit downside to 0.9450 and said support at 0.9424 should continue to hold from here. Trade Idea: EUR/USD – Buy at 1.2525Despite yesterday’s fall to 1.2408, the subsequent rally after the announcement from EU leaders signals low has been formed there and consolidation with upside bias is seen for gain to 1.2638 (previous support), however, near term overbought condition should prevent sharp move beyond 1.2699 and resistance at 1.2744-48 should hold from here, bring retreat later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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