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Mid-Day Report: Euro Back Under Pressure as Spanish Yield Jumps AgainFresh selloff is seen in Euro today as Spanish 10 year yield jumped further to as high as 7.117% today and hovers around 7.1% at the time of writing. Meanwhile, Euribor continued to fall to new record low today. The bank-to-bank lending rate started to dip since ECB lowered benchmark interest rate to historical low of 0.75% and deposit rate to zero earlier this month. The three month Euribor dropped to 0.451% and is below three month Libor for the first time since early 2008. Retreat in risk markets send Aussie and Canadian dollar mildly lower against dollar today. But both remain firm against Euro as EUR/AUD and EUR/CAD drop to new record low. |
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| Featured Technical Report | |
EUR/JPY Mid-Day OutlookDaily Pivots: (S1) 96.14; (P) 96.48; (R1) 96.83; More EUR/JPY drops further to as low as 95.74 so far in early US session and intraday bias remains on the downside for 95.64 low. Break will resume the whole decline from 114.43 and should target 61.8% projection of 111.43 to 95.64 from 101.62 at 91.86. On the upside, break of 97.37 minor resistance will indicate short term bottoming. Also, this will suggest that price actions from 95.62 is developing into the three wave consolidation pattern and a test of 101.62 could then be seen before the fall from 111.43 resumes. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency slipped after ECB indicated that the central bank will not accept Greek government bonds as collateral for the time being, stops below 1.2230 and 1.2180 were triggered and bids at 1.2160-70 are within range with stops below 1.2150 barrier now in focus, another barrier is tipped at 1.2125 as well as 1.2100 with bigger stops placed below both levels. On the upside, offers from various parties are now noted at 1.2230-40 and also at 1.2270-80 with stops building up above 1.2285-90 but more selling interest should emerge around 1.2310-20 with stops placed above 1.2335 and 1.2350. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Hold long entered at 0.9810As dollar’s intra-day rise has gathered momentum after breaking indicated resistance at 0.9830, adding credence to our view that low is formed at 0.9747 yesterday and consolidation with upside bias remains for test of previous resistance at 0.9852 but only above there would signal the correction from 0.9872 has ended, bring further gain towards this level and possibly towards psychological resistance at 0.9900. Trade Idea: EUR/JPY – Sell at 98.10Despite yesterday’s brief fall to 96.l13, lack of follow through selling of the break of previous support at 96.18 suggests minor consolidation would be seen and risk of another corrective bounce remains, above 96.80-85 would bring test of 97.38 resistance, break there would bring minor correction of recent decline but renewed selling interest should emerge around previous resistance at 98.14 and bring another decline later. 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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