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Daily Report: Euro Rebound ahead of Finance Minister Meeting, Dollar SoftEuro regained some ground against dollar as markets are awaiting Eurozone finance minister meeting in Copenhagen and markets are expecting there will be a final agreement on raising the fire power of the bailout funds. Currently, the combined lending power of the temporary EFSF and the permanent ESM is capped at EUR 500b even though both funds will run in parallel for a year. According to a draft statement by the press, Eurozone finance ministers would agree to raise the combined firepower to EUR 940b in case of emergency over the next 15 months. Germany is believed to be still opposing to the idea as finance minister Schaeuble said that EUR 800b should be enough. But it's believed that the EUR 940b temporary cap is somewhat a compromise between Germany and other member states. |
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| Featured Technical Report | |
GBP/USD Daily OutlookDaily Pivots: (S1) 1.5891; (P) 1.5924; (R1) 1.5989; More... GBP/USD rises to as high as 1.6032 so far today and the break of 1.6000 confirms resumption of recent rally. Intraday bias is back on the upside for 1.6165 key cluster resistance (61.8% retracement of 1.6746 to 1.5234 at 1.6168). Decisive break there will have larger bullish implication and would pave the way to 1.6746 resistance later. On the downside, break of 1.5841 support is needed to signal short term topping. Otherwise, well stay bullish even in case of retreat. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: Despite falling to 1.3251 yesterday, the single currency staged a strong rise in New York and stops at 1.3305-10 and 1.3350 were triggered, however, offers are still noted at 1.3370-80 and mixture of offers and stops remains at 1.3395-05 (related to 1.3400 option barrier). On the downside, bids from Asian sovereign names are lined up from 1.3320 down to 1.3300, larger size buy orders are expected to emerge around 1.3250-60 with stops building up below yesterday's low of 1.3250 and 1.3190. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: GBP/USD – Buy at 1.5950Current breach of previous resistance at 1.6002 confirms recent upmove has resumed and further gain to 1.6045-50 would be seen, however, near term overbought condition should prevent sharp move beyond 1.6090-00 and risk from there has increased for a strong pullback to take place later today or early next week. Trade Idea: EUR/USD – Buy at 1.3300Despite yesterday’s fall to 1.3251, the subsequent rally signals the correction from 1.3385 has ended there and a retest of this level would be seen, break there would extend recent upmove from 1.005 to 1.3400, however, near term overbought condition should limit upside to 1.3445-50 (1.618 times projection of 1.3134-1.3294 measuring from 1.3190) and risk from there has increased for a strong pullback later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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