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Mid-Day Report: Euro Recovered Mildly on ESM Talks, Sterling Down on Deepened RecessionEuro recovered broadly today on ECB governing council member Nowotny's comments about ESM. The Bank of Austria chief said that there are "pro arguments" for giving ESM, the permanent rescue fund, a banking license. In that case, the ESM would be given access to ECB funding and thus, have more firepower to fight the ongoing debt crisis. That would ease the concern that the EUR 500b warchest is simply insufficient if Spain or Italy requests bailout. Regarding monetary policies, he noted that negative interest rates cannot be ruled out but that has to be decided at a "later stage". Meanwhile, regarding the regional banking supervisory, Nowotny noted that "quality is more important than velocity" and suggested the leaders not to rush into formulating a plan in spite of the current situation. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.2074; (P) 1.2109 (R1) 1.2151; More..... EUR/USD's recovery from 1.2042 temporary continues and might extend to 4 hours 55 EMA (now at 1.2201) and above. But still, near term outlook remains bearish with 1.2324 resistance intact and deeper decline is expected. Below 1.2042 will target 1.1875 key support level next. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: Although the single currency staged a sharp rebound in European morning on comments from ECB's Nowotny, euro quickly ran into selling pressure at 1.2170 and price has eased from there in New York opening. At the moment, offers from various parties are still noted at 1.2170-80 and further out at 1.2200 with some stops seen above latter level as well as 1.2230-35. On the downside, light bids from short-term specs are tipped at 1.2100 and also at 1.2070-75 with stops building up below there, followed by mixture of bids and stops located at 1.2040-50 and more stops in good size are building up below next barrier at 1.2000 (bids above expected). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: EUR/USD – Hold long entered at 1.2075Although current anticipated rebound adds credence to our view that a temporary low has been formed at 1.2042 yesterday and test of the Ichimoku cloud top (now at 1.2172) is likely, break above there is needed to confirm and bring correction of recent fall towards 1.2195-00 but upside should be limited and price should falter below previous support at 1.2230. Trade Idea: AUD/USD – Sell at 1.0340Despite intra-day brief fall to 1.0170, as aussie has rebounded from there, suggesting the retreat from 1.0445 has possibly ended and recovery to 1.0315-20 is likely, however, this week’s high of 1.0377 should limit upside and bring another fall later. A break of said support would extend the fall from 1.0445 top for a deeper correction of recent rise to 1.0150-55 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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