Tuesday, February 25, 2014

Action Insight Mid-Day Report 2-25-14

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Action Insight Market Overview	Markets Snapshot
Mid-Day Report: Euro Strength Limited Despite Growth Forecast Upgrade Euro strengthens mildly after European Commission raised Eurozone growth forecast. However, EUR/USD is still stuck in range below 1.3772 temporary top. EUR//JPY is also hovering in tight range around 140/1. There is no follow through buying in the common currency. European Commissioner for Economic and Financial Affairs Rehn said "the strengthening of domestic demand this year should help us to achieve more balanced and sustainable growth." But the EC also warned that "much depends on the stability of inflation expectations for the medium term," and, "should they shift lower, the corresponding increase of real interest rates and the debt burden would make it harder for growth to accelerate." Full Report Here...
Featured Technical Report
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.3704; (P) 1.3737 (R1) 1.3767; More.... EUR/USD rises slightly today but is staying below 1.3772 temporary top. Intraday bias remains neutral for some more consolidations. Outlook is unchanged though. 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. Read more... EURUSD Technical Outlook USDJPY Technical Outlook GBPUSD Technical Outlook USDCHF Technical Outlook USDCAD Technical Outlook AUDUSD Technical Outlook EURJPY Technical Outlook EURGBP Technical Outlook EURCHF Technical Outlook GBPJPY Technical Outlook

Economic Indicators Update

GMT	Ccy	Events	Actual	Consensus	Previous	Revised
23:50	JPY	CSPI Y/Y Jan	0.80%	1.20%	1.30%	1.10%
02:00	CNY	CB Leading Index Jan	1.2		0.4	0.8
07:00	EUR	German GDP Q/Q Q4	0.40%	0.40%	0.30%
09:30	GBP	BBA Mortgage Approvals Jan	50.0K	47.9K	46.5K	47.1K
12:45	EUR	EU Economic Forecasts
11:00	GBP	CBI Realized Sales Feb	37	15	14
14:00	USD	Housing Price Index M/M Dec	0.80%	0.40%	0.10%
14:00	USD	S&P/Case-Shiller 20 Cities House Price Y/Y Dec	13.40%	13.10%	13.70%
15:00	USD	Consumer Confidence Feb	78.1	80.1	80.7

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency edged higher and offers at 1.3760 were filled but sell orders are still seen at 1.3770-80 (stops above) and from 1.3800 (barrier) up to 1.3820 (stops above), selling interest is expected further out at 1.3840-50. On the downside, bids are raised to 1.3730, 1.3700-10 and 1.3685 (stops below 1.3680), more buy orders are located at 1.3650-60 and 1.3630, buying interest is tipped at 1.3600-10.

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Forex Trade Ideas

Trade Idea Update: EUR/USD - Sell at 1.3810

As the single currency has rebounded after finding support at 1.3708 yesterday, retaining our view that recent upmove from 1.3477 low should resume after consolidation, above resistance at 1.3773 would extend gain to 1.3790-95 (50% projection of 1.3562-1.3773 measuring from 1.3686), however, reckon 1.3815-20 (61.8% projection) would limit upside and bring retreat later. Below said support at 1.3708 would bring test of 1.3686

Trade Idea Update: USD/JPY - Buy at 101.90

Dollar's near term sideways trading is expected to continue, however, reckon Friday's high of 102.83 would limit upside and bring another retreat, below yesterday's low of 102.17 would bring weakness towards 101.90-00 but support at 101.67 should remain intact and bring rebound later. A break of said resistance at 102.83 would extend further gain to previous resistance at 102.93, above there would justify our view that early fall from 105.44 has ended at 100.76