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Daily Report: Euro Mildly Weaker as Markets Stay in ConsolidationMarkets continues to stay in consolidation mode in general. US equities pared initial loss and turned positive at closing and the recovery carried on in Asian markets. Euro is a bit weaker than other major currencies but so far the price actions in euro crosses look corrective. A Financial Times report stated that that the EU has been in talks with the Spanish government over a possible rescue package. According to the report, the talks between 2 parties "are focusing on measures that would be demanded by international lenders as part of a new rescue program, ensuring they are in place before a bailout is formally requested". Yet, this was later denied by officials who said that the discussions were focused on structural reforms in the Spanish economy, not about austerity measures. |
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| Featured Technical Report | |
EUR/GBP Daily OutlookDaily Pivots: (S1) 0.7987; (P) 0.8010; (R1) 0.8033; More... EUR/GBP dropped below 0.8 psychological level as pull back from 0.8114 continues. Deeper decline might be seen. But we'd expect downside to be contained by 0.7962 resistance turned support and bring rally resumption. Above 0.8057 minor resistance will flip bias back to the upside. Break of 0.8114 will extend the rally from 0.7755 to 0.8152 key resistance level next. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: Although the single currency edged higher after rebounding from yesterday's low of 1.2920 since New York trade, offers from funds and European names are still noted at 1.3000-10, more selling interests from same parties should emerge from 1.3030 up to 1.3050 and also at 1.3075-85 with stops building up above 1.3060 and 1.3090-00. On the downside, buying interests from Asian and Middle East names are noted at 1.2950-60 and also at 1.2920-30 with stops building up below 1.2920 and 1.2900, followed by mixture of bids and stops in good size further out at 1.2850-60. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: GBP/USD – Hold short entered at 1.6235Despite yesterday’s fall to 1.6163, the subsequent stronger-than-expected rebound in part due to cross-buying in sterling suggests caution on our short position entered at 1.6235 and resistance at 1.6271-73 needs to hold to retain our consolidative view, bring another retreat later, below the Kijun-Sen (now at 1.6215) would bring another fall towards said support at 1.6163. Trade Idea: USD/JPY – Buy at 77.75As the greenback has remained under pressure, retaining our view that near term downside risk remains for a deeper correction of the rise from 77.14 low, below 78.03 (yesterday’s low) would bring weakness towards 77.75-80, however, the greenback should stay above 77.50 and bring another rebound. A firm breach of the Ichimoku cloud would bring a retest of 79.23 but break there is needed to retain bullishness Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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