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Mid-Day Report: Euro Soft Despite Solid Italian AuctionEuro remains generally soft today even though Italy survived a bond auction after Moody's downgrade. Italian treasury managed to sell maximum target of EUR 3.5b of a new three year bond series, receiving over EUR 6b in bids. Yield was at 4.65%, lower than the 5.30% in a similar auction in mid-June. It also managed to sell maximum target of EUR 1.75b in three longer-dated bonds even though yield rose slightly. Nonetheless, steep selling was seen earlier today against Sterling as a UK clearer sold the common currency on behalf of corporate clients. While Euro's selling seem to be losing momentum elsewhere against dollar, yen and aussie, there is no sign of bottoming yet and we'd expect more pressure on Euro before the week closes. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.2163; (P) 1.2206 (R1) 1.2245; More.... EUR/USD dipped lower to 1.2162 in early US session. While the pair is losing some downside momentum, there is no sign of bottoming yet. Intraday bias remains on the downside for 61.8% projection of 1.3282 to 1.2287 from 1.2747 at 1.2132. Break will target 1.1875 key support level. On the upside, break of 1.2333 minor resistance is needed to signal short term bottoming. Otherwise, outlook will remain bearish even in case of recovery. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency dropped again to another 2-year low of 1.2163 around New York opening time in part due to the release of higher-than-expected U.S. PPI data, Moody's downgrade of Italian debt by 2 notches also put pressure on euro, mixture of bids and stops at 1.2150-60 is now in focus, however, fresh demand from Middle East and Asian sovereign names are tipped further out at 1.2120-30 followed by another barrier at 1.2100 with more stops seen below there. On the upside, offers remain at 1.2240-50 with stops tipped above 1.2250 and combination of offers and stops is located at 1.2300 but more selling interests should emerge around the region of 1.2330-50, followed by large stops above 1.2360-70. A large 1.2200 option is going to expire NY cut. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: GBP/USD – Sell at 1.5555As cable has rebounded after yesterday’s selloff to 1.5393 on active cross-buying against euro, suggesting consolidation above said support would be seen and retracement to 1.5515-20 (38.2% Fibonacci retracement of 1.5722-1.5393) is likely, however, reckon 1.5555-60 (50% Fibonacci retracement) would limit upside and bring another decline later. Trade Idea: EUR/JPY – Sell at 98.35Although euro has remained under pressure after yesterday’s selloff from 97.90 and bearishness remains for recent decline to extend weakness to 96.30-35 and possibly 96.00, loss of near term downward momentum should prevent sharp fall from there and reckon support at 95.59 would hold, risk remains for a minor correction, above said resistance at 97.90 would bring retracement to 98.35-40 where renewed selling interest should emerge, bring another decline. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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