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Daily Report: Euro Firm Despite Greece NewsEuro retreats mildly as the week starts but stays firm so far even though there were news that troika has rejected a EUR 2b part of the EUR 12b austerity package of Greece. Greek socialist leader Venizelos note that "troika has not accepted all the measures" but he assured there Greece has "alternative proposals". Meanwhile, finance minister Stournaras played down the the news and said only a "few" measures was rejected. Troika came back to Greece last week for the review and is expected to "stay for a while". Prime minister Samaras is expected to meet with troika today to continue the discussion. Also, troika is expected to finish the final report for EU before the EcoFin meeting in early October for approving Greece's request for two year extension in its fiscal adjustment program. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 99.74; (P) 100.09; (R1) 100.58; More Intraday bias in EUR/JPY remains on the upside and current rebound from 94.11 should extend to 38.2% retracement of 111.43 to 94.11 at 110.72 first. Break will target 101.62 key resistance next. On the downside, below 99.59 minor support will turn bias neutral and bring consolidations. But retreat should be contained above 97.98 support and bring another rally. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: Although the single currency rose marginally to 1.2812 (Friday's high was 1.2806), euro has retreated in part due to risk aversion after the release of Chinese data, bids at 1.2800 and 1.2780 were filled, however, buying interests from various parties (including option players and funds) are reported at 1.2750-60 and also further out at 1.2700-10 with stops building up below 1.2700 and 1.2650 (large). On the upside, option defensive offers are tipped in the region of 1.2800-20 (related to 1.2825 barrier), more selling interests should emerge around 1.2835-40 (for protection of another barrier at 1.2850) with stops building up above 1.2855-60. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: USD/CHF – Sell at 0.9500Despite Friday’s selloff to 0.9436, as the greenback has recovered today after holding above this support, suggesting minor consolidation would take place and recovery to 0.9480 is likely, however, reckon 0.9504-07 (previous support and current level of the Kijun-Sen) would limit upside, bring another decline later. A break of said support would extend recent decline from 0.9972 top to 0.9410-20 Trade Idea: EUR/USD – Buy at 1.2715Although the single currency extended last week’s rally to a marginal high of 1.2812 (Friday’s high was 1.2806), lack of follow through buying and current retreat suggest consolidation below said intra-day resistance would be seen and pullback to the Kijun-Sen (now at 1.2728) is likely, however, renewed buying interests should emerge around 1.2715-20 (38.2% Fibonacci retracement of 1.2562-1.2812), bring another rise. Above said resistance at 1.2812 would extend gain towards 1.2835-40 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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