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Mid-Day Report: EUR/USD Bounded in Tight Range After Successful Italian Bill AuctionItalian Treasury sold EUR 9b of six month T-bills today with yields sharply down to 3.251%, comparing to 6.504% at prior auction in late November. Demand was also solid with bid-to-cover ratio at 1.7, compared with 1.47 previously. At the 2-year bill auction, Italy raised EUR 1.732b, with yield dropped to 4.853%, comparing to 7.814% last month. The positive results send benchmark 10 year yield back to 6.7%. Earlier this week, 10 year Italian breached 7%, a level that eventually forced Greece, Ireland and Portugal to seek bailout. Also, risk appetite improved mildly after the auction even though EUR/USD remains in tight range. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3047; (P) 1.3065 (R1) 1.3088; More. EUR/USD continues to stay in tight range today as consolidation from 1.2946 continues and intraday bias remains neutral. Note again that near term outlook is still bearish with 1.3212 minor resistance intact and another fall is in favor. Break of 1.2946 will confirm decline resumption for 1.2873 support first. However, break of 1.3212 will indicate that a short term bottom is at least formed at 1.2946 and stronger rebound should then be seen to 1.3538 resistance and above. |
| Economic Indicators Update | Don’t miss the largest investor and trader gathering in the World—The World MoneyShow Orlando, February 9-12, 2012 at the Gaylord Palms Resort. Be there as recommendations and advice are revealed for how to best position your portfolio for profit—in 2012 and beyond. Register Free Today! | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Merry X'mas and a Happy New Year, no update next week, next Candlesticks and Ichimoku Trade Idea update will be made on 2 January 2012 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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