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Daily Report: Euro Stays in Range on Spain UncertaintiesEuro continues to gyrate in familiar range as the situation on bailout of Spain remains uncertain. Reuters reported that the country is preparing to finally seek a sovereign bailout and "things will crystallize in November. However, Finance Minister Luis de Guindos reiterated on Saturday that it's in no hurry to seek a bailout as "there is much more optimism toward Spain than three or four months ago". On the other hand, European Central Bank council member Josef Bonnici urged that even though urgency is a being less than before, it's "wise" for Spain to explore to route of bailout and "not wait until they're tested in the markets". Euro's recovery attempt late last week seemed to have lost momentum already and would likely stay in recent range for the early part of this week. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 101.24; (P) 101.57; (R1) 101.95; More EUR/JPY is still staying inside recent converging range and intraday bias remains neutral. Some more sideway trading could be seen. On the upside, above 102.79 will argue that recent rally from 94.11 is finally resuming and will turn bias to the upside for 103.86 first. Break will confirm and target 61.8% retracement of 111.43 to 94.11 at 104.81 and then 111.43 key resistance. On the downside, below 100.14 will bring deeper decline to extend the correction fro 103.86. But we'd expect strong support from 97.98/99.18 support zone to contain downside and complete the consolidations. |
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Due to holidays, no update next week and next Candlestick and Ichimoku Trade Idea update will be made on Monday 22 Oct 2012. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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