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Daily Report: Euro Firm as Officials' Pledges ContinueDollar is mildly high today as markets are digesting last week's risk appetite moves. Asian equities are broadly higher, following rally in US stocks on Friday, with Nikkei up 60 pts at the time of writing. Euro is back below 1.23 level for moment but remains firmly supported by expectations that ECB would act to bring down Spanish and Italian bond yields. Luxemburg Prime Minister Juncker was quoted in a newspaper over the weekend that EFSF and Eurozone leaders will act together with ECB to stabilize Euro. Juncker pledged that officials must "clearly show through all means possible that we are firm on assuring the stability of the monetary union." Current EFSF has around EUR 200b left and is allowed to buy public debt on secondary markets. The fund could have enough impact on the bond markets. Italy will auction EUR 3-5.5b in bonds today, mostly 5- and 10-years debt. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 95.74; (P) 96.54; (R1) 97.43; More With 95.64 minor support intact, intraday bias in EUR/JPY remains mildly on the upside for falling trend line resistance (now at 98.66). On the downside, below 95.64 minor support will turn bias back to the downside for retesting 94.11 low. However, note that a short term bottom is in place at 94.11 on bullish convergence condition in 4 hours MACD. Thus, more consolidative trading could be seen above there in near term. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: Although the single currency extended recent rise to as high as 1.2390 (another 3-week high) in New York last Friday, euro ran into option defensive offers ahead of 1.2400 barrier and has retreated quite sharply from there since on profit-taking, sell stop orders at 1.2270 are now in focus but fresh demand from various parties should emerge around 1.2250 with more stops placed below 1.2240 and mixture of bids and stops is tipped further out at 1.2190-00. On the upside, light offers are noted at 1.2300-10 and 1.2340-45 with sizeable sell orders remain at 1.2380-90 and stops are building up above said barrier at 1.2400. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: GBP/USD – Hold short entered at 1.5750Although the British pound extended last week’s rise to as high as 1.5768, the subsequent retreat has retained our consolidative view and mild downside bias remains for test of support at 1.5666 (Friday’s low), then towards the Ichimoku cloud top (now at 1.5640) but reckon 1.5610 (50% Fibonacci retracement of 1.5452-1.5768) would limit downside and the Ichimoku cloud bottom (now at 1.5591) should hold, bring another rise later. Trade Idea: USD/JPY – Hold long entered at 78.20Despite Friday’s rally to 78.68, the subsequent cross-inspired retreat suggests caution on our long position entered at 78.20 and the Ichimoku cloud (now at 78.20-24) needed to hold to retain bullishness for another rise, above said resistance would add credence to our view that minor low is formed at 77.94 early last week and consolidation with mild upside bias remains for further gain to 78.81 resistance 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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