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Daily Report: Euro Stabilized But Remains VulnerableEuro stabilized from yesterday's selloff after Spain and Italy banned short selling of stocks. Overall sentiments also recovered mildly after China manufacturing data showed mild improvement. However, the common currency, as well as other major currencies and risk markets, remain vulnerable to deeper selloff as worries in Eurozone won't go away quickly. It should be noted again that Spanish 10 year yield made another record high at 7.565% yesterday before settling around 7.5%. It's getting more likely that Spanish 10 year yield will head to 8%, rather than coming back below 7%. Decisive move beyond 7% is seen as a development that would trigger a sovereign bailout within weeks. Meanwhile, Italian 10 year yield also followed and reached as high as 6.426% yesterday. |
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| Featured Technical Report | |
EUR/GBP Daily OutlookDaily Pivots: (S1) 0.7770; (P) 0.7797; (R1) 0.7840; More. EUR/GBP formed a temporary low at 0.7755 and recovered. Intraday bias is turned neutral for some consolidations. Further rise could be seen to 4 hours 55 EMA (now at 0.7847) and above. But upside should be limited well below 0.7949 support turned resistance and bring fall resumption. Below 0.7755 will target next key support level at 0.7693. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: Although the single currency rebounded after falling to a 2-week low of 1.2067 yesterday as some traders covered short ahead of Spanish 3 and 6 month bills action, selling interests from various names are still noted at 1.2140-50 with some stops seen above 1.2150-60, more offers should emerged at 1.2180-85 and also at 1.2200-10 with stop orders placed above 1.2230. On the downside, bids are noted at 1.2100 with some stops placed below 1.2090, however, fresh demand (option related) remain at 1.2050-60 with sizeable stops placed below barrier at 1.2050 and 1.2000. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: GBP/USD – Sell at 1.5575Cable’s recovery after yesterday’s fall to 1.5486 suggests minor consolidation would be seen and above 1.5535-45 would bring retracement to 1.5570-75 (38.2% Fibonacci retracement of 1.5716-1.5486) where renewed selling interests should emerge, bring another decline later. A break of said support would extend the fall from 1.5738 to 1.5460 Trade Idea: EUR/USD – Sell at 1.2180Despite yesterday’s brief fall to 1.2067, the subsequent cross-inspired rebound suggests a minor low is formed and consolidation above this level would be seen with mild upside bias for test of yesterday’s high of 1.2145, then previous support at 1.2162, however, price should falter below 1.2195-00 (50% Fibonacci retracement of 1.2325-1.2067), bring another decline. A break of said support would extend downtrend to 1.2055-60 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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