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Mid-Day Report: Euro Pared Gains after Initial StrengthEuro turned a bit softer after initial rally today but remains firm so far. Italian Prime Minister Monti warned over the weekend that "the tensions that have accompanied the euro zone in the past years are already showing signs of a psychological dissolution of Europe." Meanwhile, he also pointed out that the high yield that Italy is paying is subsidising the lower borrowing cost Germany is paying. And he noted that “without that risk, the yields on German government bonds would be somewhat higher.” German foreign minister Westerwelle, on the other hand, said today that Eurozone leaders are taking on a "very dangerous" tone and he urged not to "talk Europe down". Westerwelle didn't specify who he's responding to but Germany seems to be feeling some political pressure. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.2237; (P) 1.2314 (R1) 1.2463; More..... EUR/USD retreats mildly after initial spike to 1.2443 but intraday bias remains on the upside for further rally. The break of 1..2404 resistance confirmed resumption of rebound from 1.2042 and such rise should extend to 1.2747 (50% retracement of 1.3486 to 1.2042 at 1.2764) key resistance level next. On the downside, break of 1.2133 minor support is needed to indicate completion of such rebound. Otherwise, we'll stay cautiously bullish even in case of retreat. |
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Remark: No update on 6-7 (Mon-Tue) Aug, next Intra-day Trade Ideas update will be made on Wednesday 8 Aug 2012 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||
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