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| Action Insight Weekly Report | Markets Snapshot |
EUR/USD Found a Base, Draghi to Meet Expectations This WeekEuropean officials turned the tide in market sentiments last week. Spanish 10 year yield reached a new record high at 7.751% and just as it looked like yield is heading to 8%, ECB President Draghi stepped in with a strong pledge and turned things around. Spanish 10 year yield closed at 6.744%, a full percent below the historical high and is now below the 7% unsustainable level. Italian 10 year yield also followed and closed at 5.956%, below 6% level. EUR/USD successfully defended 1.2 psychological and reversed. While USD/CHF also reversed ahead of parity. Rally in stocks was equally impressive as DOW broke through 13000 psychological level to close the week at 13075 and is set to take on 13297 2012 high next. |
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| Featured Technical Report | |
EUR/USD Weekly OutlookEUR/USD staged a strong rebound last week after initial dip to 1.2042. The break of 1.2324 minor resistance indicates that a short term bottom is at least formed, on bullish convergence condition in 4 hours MACD. Initial bias remains on the upside this week and current rebound could target 1.2747 (50% retracement of 1.3486 to 1.2042 at 1.2764) next. On the downside, below 1.2242 minor support will turn bias neutral and bring retreat. But we'll stay cautiously bullish as long as 1.2042 holds. |
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The Week in Review and Outlook | ||
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