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Mid-Day Report: Euro Mildly Higher after ECB, Solid Spanish Auction, FOMC Minutes NextEuro strengthens after ECB left rates unchanged at 0.75% as widely expected. ECB President Draghi said that progress was made in alleviating tensions over borrowing costs in some Eurozone countries. And, "significant progress" had been made to bolster the financial sector. Draghi emphasized that once the so-called Outright Monetary Transactions being, it will "will enable us to provide, under appropriate conditions, a fully effective backstop to avoid destructive scenarios with potentially severe challenges for price stability in the euro area." EUR/USD edges higher to 1.2995 in early US session and is set to take on 1.3 psychological level before the day ends. BoE left interest rates unchanged at 0.5% and also kept the asset purchase target at GBP 375b as widely expected. No details was released and the and focus will turn to the minutes to be released on October 17. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.2875; (P) 1.2906 (R1) 1.2935; More..... EUR/USD rose to as high as 1.2995 in early US session. The break of 1.2970 minor resistance indicates that the pull back from 1.3171 has completed at 1.2803, after drawing support from mentioned 1.2816 cluster level. Intraday bias is back on the upside for a test on 1.3171 resistance. Break will confirm resumption of resumption of recent rise from 1.2042 and target 1.3486 key resistance, which is close to 50% retracement of 1.4939 to 1.2042 at 1.3491. In any case, we'll stay bullish as long as 1.2803 holds. |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency surged after the ECB statement as Draghi pointed to inflation levels above 2.0%, mixture of offers and stops at 1.3000-10 are in focus but more selling interests should emerge around 1.3040-50 with bigger stops tipped above 1.3050 and 1.3090-00. On the downside, bids from various parties (including sovereign names and real money accounts) are raised to 1.2950-60 and also at 1.2920 as well as 1.2900 with stops building up below 1.2870-75 but more buy orders are expected around 1.2850-60 with next batch of stops located at 1.2845. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: EUR/USD – Buy at 1.2945Current breach of indicated resistance at 1.2968-71 confirms low has been formed at 1.2804 earlier this week and bullishness is seen for retracement of recent decline from 1.3172 to 1.3000, then towards 1.3042-48 (100% projection of 1.2804-1.2968 measuring from 1.2878 and previous resistance) but reckon near term overbought condition would limit upside to 1.3075-85 and price should falter below 1.3143 (1.618 times projection). Trade Idea: EUR/GBP – Buy at 0.7995As the single currency has continued to move higher after brief pullback, adding credence to our view that the rise from 0.7923 (last week’s low) is still in progress and bullishness remains for further gain to 0.8060, above there would suggest the fall from 0.8114 has ended and bring subsequent rise to 0.8080 and possibly 0.8100 but as broad outlook is consolidative, reckon said resistance at 0.8114 would hold from here, bring retreat later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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