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Daily Report: Euro Dips Further as ECB and Bundesbank Checking OMT LegalityFinancial markets are mostly staying in consolidation But Euro is notably weaker against other currencies on news that ECB and Bundesbank are both checking legality of the OMT bond buying program. A German news paper tabloid Bild reported that Bundesbank could challenge the program and bring the issue to European Court of Justice as it could violate the treaties for direct financing of state deficits. ECB president Draghi has repeatedly said that the ECB acts within its mandate as skyrocketing yields of sovereign bonds in some Eurozone countries affected transmission of monetary policies. The OMT plan already had a drastic impact on the markets and brought Spanish 10 year yield comfortably below 6% level after its announcement, even though it haven't been kicked start yet. Bundesbank president Weidmann was the sole dissenter of the OMT and was out-voted by other policy makers. So far, Euro's loss against dollar and yen are relatively limited, but outlook in EUR/GBP does favor deeper selloff in the cross. |
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| Featured Technical Report | |
EUR/GBP Daily OutlookDaily Pivots: (S1) 0.7952; (P) 0.7974; (R1) 0.7994; More... EUR/GBP's fall from 0.8114 extends further to as low as 0.7939 so far today. Intraday bias remains on the downside for 0.7886 support first. As noted before, prior break of 0.7962 resistance turned support indicates that rebound from 07755 is already completed at 0.8114. And more importantly, the corrective structure of such rebound argues that decline from 0.9083 isn't over yet. Break of 0.7886 will affirm this case and should send EUR/GBP through 0.7755 low. On the upside, break of 0.8007 is needed to indicate completion of the fall from 0.8114. Otherwise, outlook will now stays mildly bearish. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: Although the single currency recovered from yesterday's low of 1.2892, the pair met indicated good size offers at 1.2950-60 and has fallen again after the release of Gfk, mixture of bids and stops at 1.2870-80 is now in focus, however, more stops are tipped below 1.2850 (some bids above) but fresh demand should emerge around 1.2820-30. On the upside, offers remain at 1.2955-60 with stops building up above there but more selling interests should emerge around the region of 1.2980-00 with stops building up above 1.3010 and bigger offers are located at 1.3040-50, more stops are expected above there and further out at 1.3090-00. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: GBP/USD – Sell at 1.6280Although the British pound has rebounded after falling to 1.6181 yesterday, reckon last week’s high of 1.6310 would cap upside and bring another decline, below said support would bring test of indicated previous support at 1.6163, however, break there is needed to confirm top has been formed there and bring further weakness to 1.6130 and possibly towards 1.6100. Trade Idea: EUR/USD – Sell at 1.2985As the single currency has fallen again after brief recovery, adding credence to our bearishness for the fall from 1.3172 (last week’s high) to bring a strong correction of recent upmove to 1.2880 and possibly previous support at 1.2859, however, near term oversold condition should prevent sharp fall below latter level and reckon 1.2800-10 would hold from here, bring rebound later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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