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Mid-Day Report: Euro Building Up Momentum in RangeEven though it's still staying in range, Euro seems to be gathering some momentum against Dollar and Aussie today. Spanish Economy Minister Luis de Guindos said that ECB's OMT is "real" and is "ready to be used at any moment". And he emphasized that the ECB statement had said clearly that the "credit line is ready to be activated". And he denied that there is any form of political resistance that's blocking Spain's decision to seek a sovereign bailout. But again, he refused to say when this would happen. It's reported that the situation for Spain is sort of a "game of chicken between Spain and Germany" as German would like to be sure of Spain's seriousness in reform before going to parliament while Spain would like to be sure German lawmakers would sign of the bailout before making a request. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.2850; (P) 1.2901 (R1) 1.2976; More..... EUR/USD recovers further to 1.2987 so far but stays in recent converging range. Intraday bias remains neutral for the moment. Price actions from 1.3171 are treated as a consolidation pattern only. Above 1.3070 will suggest that recent rise from 1.2042 is resuming. Break of 1.3171 will target 1.3486 key resistance next, which is close to 50% retracement of 1.4939 to 1.2042 at 1.3491. Before a break of 1.3070, another fall could still be seen. But even in that case, downside should be contained by 50% retracement of 1.2255 to 1.3171 at 1.2713 to conclude the consolidation. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency maintained a firm undertone throughout the day and the release of soft U.S. data gave euro an extra boost, however, selling interests are still noted at 1.2990-00 with stops placed above there, followed by more offers at 1.3040-50 and 1.3070 with bigger stops building up above 1.3075-80. On the downside, bids from various parties are tipped at 1.2925-30 and also at 1.2900-10 with sell stop orders placed below 1.2880-90, more stops are placed below 1.2860 and 1.2840 but sizeable bids from Asian and Middle East names are expected at 1.2825-35, more stops building up below 1.2820 and 1.2800. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: EUR/USD – Buy at 1.2925As the single currency has risen again after staging a strong rebound yesterday from 1.2827, suggesting a temporary low has been formed there and consolidation with mild upside bias is seen for gain to 1.2975-80 (61.8% Fibonacci retracement of 1.3072-1.2827), then test of resistance at 1.2991, however, near term overbought condition should limit upside to 1.3040-50 and price should falter well below said resistance at 1.3072. Trade Idea: AUD/USD – Sell at 1.0370Aussie’s rebound from 1.0149 has retained our view that a minor low is formed there earlier this week and near term upside risk remains for retracement to 1.0320-25, however, renewed selling interest should emerge around 1.0370-80 and bring another decline, a break of said support at 1.0149 would signal the decline from 1.0625 top has resumed for a stronger retracement of early rise from 0.9581 to 1.0100 and possibly towards 1.0050-55 but reckon downside would be limited and psychological support at 1.0000 should hold. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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