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Mid-Day Report: Euro Soft on Merkel, Hollande Discord, Weak German IfoEuro extended its pullback against dollar and yen, and also weakened against Sterling. The meeting between German Chancellor Merkel and French President Hollande over the weekend was somewhat a disappointment to the markets. Analysts saw the lack of result over agreement on a banking union as reinforcement of the differences between the two. Hollande pushed to setup the banking union "the earlier, the better."But Merkel seemed to be in no rush and prefer to go through a step by step process. Merkel is set to meet with ECB president Draghi in tomorrow and then IMF chief Lagarde on Wednesday regarding Spain and Greece. |
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| Featured Technical Report | |
EUR/GBP Mid-Day OutlookDaily Pivots: (S1) 0.7979; (P) 0.7993; (R1) 0.8013; More... EUR/GBP dropped further today and the break of 0.7962 support turned resistance argues that rebound from 0.7755 is already finished at 0.8114. More importantly, the corrective structure of such rebound argue that decline from 0.9083 isn't over yet. Intraday bias is back on the downside for 0.7886 support. Break will likely send EUR/GBP through 0.7755 low. On the upside, though, above 0.8007 will mix up the near term outlook and turn focus back to 0.8114 resistance. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency has fallen again in European session in part due to the release of weaker-than-expected German IFO data, bids at 1.2920 were filled and stops below there as well as 1.2900 were triggered, however, more stops are placed below 1.2870, followed by mixture of bids and stops in good size at 1.2850-60. On the upside, offers are lowered to 1.2930 and also at 1.2970-80 with combination of offers and stops located at 1.2990-00, good size offers from European names and funds are expected at 1.3040-50 with stops placed above there and further out at 1.3090-00. | |||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||
Trade Idea Update: EUR/USD – Sell again at 1.2985Euro’s anticipated decline after intra-day brief bounce to 1.2972 adds credence to our bearishness and signals the fall from 1.3172 (last week’s high) is still in progress for a strong correction of recent upmove to 1.2880, however, previous support at 1.2859 would hold from here due to near term oversold condition and bring rebound later. Trade Idea: EUR/JPY – Sell again at 102.30The single currency only recovered to 102.10 last Friday before running into fresh offers and has fallen again today, adding credence to our bearishness for the decline from 103.85 top to bring correction of recent rise towards 100.13 (38.2% Fibonacci retracement of entire rise from 94.12-103.85) and possibly psychological support at 100.00 but reckon previous support at 99.63 would hold from here due to near term oversold condition. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||
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Fundamental Highlights
Technical Highlights
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