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Mid-Day Report: Euro Range Bound after German IfoMarkets stay in tight range in listless trading today. Dollar was mildly firmer earlier today on risk aversion as Asian equities delcined. But the greenback then pared gain as European stocks recovered. German Ifo busines climate dropped for the fourth month to 102.3 in August, worst number since March 2012. That's also slightly worse tha expectation of 102.7. Expectation components dropped to 94.2 versus consensus of 95. But current assessment component dropped less than expected to 111.2, versus consensus of 110.8. Ifo president Hans-Werner Sinn said in a statement said in a statement that "enterprises are increasingly pessimist about their business development" and "the Germany economy is weakening further." Nonetheless, the common currency has little reaction to the data and continued its consolidation. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.2472; (P) 1.2520 (R1) 1.2559; More..... Intraday bias in EUR/USD remains neutral for some consolidations below 1.2589 temporary top. At this point, EUR/USD is staying comfortably above a near term trend line support and thus, rise from 1.2042 is still expected to continue. Above 1.2589 will target 1.2747 (50% retracement of 1.3486 to 1.2042 at 1.2764). Though, break of the trend line support (now at 1.2348) will indicate that such rebound is completed and will turn bias back to the downside for 1.2255 support for confirmation. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency traded within relatively narrow range due to thin trading as London is closed for holiday, bids are still noted at 1.2480-90 with stops building up below 1.2475 and fresh demand from Asian and Middle East names are tipped further out at 1.2430-40, more sizeable stops are placed below there as well as 1.2400. On the upside, offers are reported at 1.2535-40 and 1.2560-70, mixtures of offers and stops are tipped at 1.2580 and also in good size at 1.2590-00 (related to 1.2600 barrier). | |||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Sell at 0.9650Despite Friday’s brief retreat to 0.9559, lack of follow through selling and the subsequent rebound have retained our view that further consolidation above last week’s low of 0.9540 would be seen and retracement to 0.9629 (38.2% Fibonacci retracement of 0.9773-0.9540) cannot be ruled out, however, resistance at 0.9660 should limit upside and bring another decline later. Trade Idea: EUR/JPY – Buy at 97.75As the single currency has remained confined within near term established range, retaining our view that further sideways trading would continue and although the retreat from 99.19 may bring minor correction to 98.00, reckon last week’s low at 97.75 would limit downside and bring another rise later, a break of said resistance would extend the rise from temporary low of 94.12 for a retracement of recent decline to 99.30 and possibly to 99.50 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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