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Mid-Day Report: Euro Showed Little Reaction to Solid IfoEconomic data released from Eurozone were positive today but markets showed little reactions. EUR/GBP did spike higher today but there is no follow through buying so far. The German Ifo business climate rose to 111.3 in February versus expectation of being unchanged at 110.6. That's the highest level since July 2011. Current assessment gauge improved to 114.4 versus consensus of 112.9. Expectations gauge, on the other hand, dropped slightly expected to 108.3. That was in sharp contrast to the ZEW economic expectation which dropped sharply from 61.7 to 55.7. The Ifo reading suggested that German economy would pick up momentum in early 2014. However, there was also criticism that Ifo figures tended to be overly optimistic. Release Also released from Eurozone, January CPI was unchanged at 0.8% yoy in January, core CPI rose to 0.8% yoy. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3707; (P) 1.3732 (R1) 1.3764; More.... EUR/USD's rally attempt was limited by 1.3772 resistance and weakens mildly. Intraday bias remains neutral for some more sideway trading. As noted before, pull back from 1.3892 should be finished at 1.3476 already. Another rally is expected and above 1.3772 will target 1.3892 high. Nonetheless, break of 1.3561 minor support will likely extend the correction from 1.3892 through 1.3476 support. |
| Economic Indicators Update |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency reversed intra-day rise after meeting resistance ahead of recent high of 1.3773, however, some bids are noted at 1.3720 and 1.3700, buy orders are seen at 1.3685 (stops below 1.3680) and 1.3650-60, more buying interest is tipped at 1.3630 and 1.3600-10. On the upside, offers are now tipped at 1.3760-80 area (stops above) and from 1.3800 (barrier) up to 1.3820 (stops above), selling interest is expected further out at 1.3840-50. | |||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: GBP/USD - Buy on break of 1.6735Despite intra-day brief fall to 1.6599, lack of follow through and current rebound suggest low is possibly formed and consolidation with mild upside bias is seen for test of yesterday's high of 1.6725 but only break of indicated resistance at 1.6734 would signal fall from 1.6823 has ended and bring a stronger rebound to 1.6780, then 1.6800, having said that, break of 1.6823 is needed to confirm upmove has resumed for headway towards 1.6850. Trade Idea Update: USD/JPY - Buy at 101.90Despite last week's late rise to 102.83, lack of follow through buying on break of previous resistance at 102.74 and the subsequent retreat suggest consolidation would be seen and pullback to 101.90-00 cannot be ruled out, however, still reckon support at 101.67 would contain downside and bring another rise later. A break of said resistance would signal the erratic rise from 100.76 low is still in progress and may extend further gain to previous resistance at 102.93 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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