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Mid-Day Report: Euro Mildly Lower on Dovish Comments from ECB OfficialsEuro weakens mildly against dollar today after dovish comments from ECB officials. ECB's Governing Council member Hansson noted that inflation in the 17-nation region would stay low for some time and that further rate cut is not ruled out. According to Hansson, "inflation is pretty broad-based, so that makes me feel a bit more that the impact of that change on trajectory going forward is one where you probably see these annual rates rather on the lower side than on the higher side. We'll get more refined estimates in two weeks. There isn't anything very visible in the pipeline that would suggest a rapid reversal in the sense of quickly moving back towards higher levels of inflation". He also stated that "the options on rate cuts are still not fully exhausted and there are all kinds of other measures that are still on the table". He stressed that the central bank has not run out of toolkit on stimulating inflation and economic growth. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3493; (P) 1.3524 (R1) 1.3587; More.... Intraday bias in EUR/USD remains neutral for the moment. Above 1.3578 will extend the recovery from 1.3294 but in that case, we'd expect strong resistance below 1.3832 to limit upside and bring another decline. Below 1.3399 will target 1.3294 first. Break will extend the fall from 1.3832. |
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| Orders and Options Watch | |||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency retreated in European session and bids at 1.3510-15 were filled, however, buy orders are still noted at 1.3500-05 and 1.3485-90, more buying interest in good size is tipped at 1.3450-60 (stops below 1.3440), fresh demand should emerge around 1.3430 and 1.3400 (more stops below). On the upside, offers are still noted at 1.3550-60 (stops above) and further out at 1.3580, mixture of offers and stops is located at 1.3600 (option barrier), fresh offers should emerge around 1.3625 and 1.3640-50. | |||||||||||||||||||||
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Trade Idea Update: USD/CHF - Sell at 0.9140Although the greenback has rebounded after falling to 0.9062 earlier today and marginal recovery to 0.9125-27 (50% Fibonacci retracement of 0.9192-0.9062) cannot be ruled out, however, reckon 0.9142-45 (61.8% Fibonacci retracement) would limit upside and bring another decline, a break of said support would signal the decline from 0.9251 top is still in progress and may extend weakness to 0.9050 Trade Idea Update: GBP/USD - Buy at 1.6095As the British pound has maintained a firm undertone after last week's anticipated resumption of recent upmove, suggesting bullishness remains for further gain to previous chart resistance at 1.6258-60, however, break there is needed to confirm early uptrend has resumed and extend gain to 1.6273-75 (61.8% projection of 1.5854-1.6178 measuring from 1.6072) and possibly towards 1.6300 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||
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