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Mid-Day Report: Euro Corrections Continue after ECB Draghi's CommentsEuro dipped against other major currencies today after ECB President Draghi spoke before the European Parliament, expressing that the bloc's facing downside risk on the economic outlook due to financial market tensions. Draghi remained cautious about the outlook. He stated that, while things have "improved in the last to two or three months", the road to recovery remains "still long and it is uphill". Regarding sovereign problems which remained especially difficult in peripheral economies, Draghi noted "it is without doubt that the process of fiscal consolidation in the short term will depress and has depressed outputs in different parts of the Euro area". However, he stressed fiscal consolidation at the national level would help restore growth. Meanwhile, he said that the central bank welcomes the proposal for a Single Supervisory Mechanism (SSM) and participation of non-EU members in the SSM. |
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| Featured Technical Report | |
EUR/JPY Mid-Day OutlookDaily Pivots: (S1) 100.97; (P) 101.73; (R1) 102.35; More Intraday bias in EUR/JPY remains on the downside for the moment and the current fall should target 99.63 support first. As noted before, fall from 102.79 is the third leg of the consolidation from 103.86 and could extend through 99.63 support. Though, in that case, we'd expect strong support from 97.98/99.18 support zone to contain downside and bring rebound. On the upside, above 102.79 will turn bias back to the upside for 103.86. Break will confirm resumption of recent recent rally from 94.11. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchGBP: The British pound continued to trade with a soft tone in London and mixture of bids and stops at 1.6000-10 is in focus, more stops are placed below 1.5980 but some bids are tipped at 1.5960-70, followed by next batch of stops located at 1.5940-50. On the upside, offers are lowered to 1.6045-50 and also at 1.6065-70, larger sell orders from UK clearer are reported at 1.6110-20 and also at 1.6140-50 with some stops expected above latter level. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: EUR/USD – Sell at 1.3020Although euro has fallen again after meeting resistance around the Ichimoku cloud bottom and loss of momentum should prevent sharp fall below previous support at 1.2878 and risk remains for a corrective rebound to take place but upside should be limited to the Kumo (now at 1.2995-1.3000), price should falter below resistance at 1.3072 (last week’s high) and bring another decline for correction of recent rise to 1.2905-10 (61.8% Fibonacci retracement of 1.2804-1.3072) and then 1.2878 Trade Idea: AUD/USD – Sell at 1.0320As aussie has finally rebounded after falling to 1.0149 yesterday, suggesting minor low is formed and consolidation with mild upside bias is seen for retracement to 1.0275 (Friday’s high), however, renewed selling interest should emerge around 1.0320-25 and bring another decline, a break of said support would extend the decline from 1.0625 top 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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