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Mid-Day Report: Euro Weakens after Mixed PMIs as G7 Leaders Discuss UkraineEuro had a recovery attempt earlier today but failed and weakened again after mixed PMI data. The Eurozone PMI dropped slightly more than expected to 53.0 in March while services PMI unexpectedly fell to 52.4. German PMIs were disappointing with PMI manufacturing dropped to 53.8 versus consensus of 54.5 while services PMI dropped to 54 versus expectation of 55.5. However, French PMIs posted strong upside surprises. French PMI manufacturing rose to 51.9 in March, back above 50 level and beat expectation of 49.6. PMI services rose to 51.4, also back above 50 level and beat expectation of 47.5. Markit chief economist Williamson noted that "the ongoing upturn in business activity in March rounds off the euro zone's best quarter since the second quarter of 2011." |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3771; (P) 1.3790 (R1) 1.3816; More.... EUR/USD's recovery attempt was limited below 1.3844 minor resistance and weakened again. But still, there is no clear sign of trend reversal in the pair yet. Thus, while correction from 1.3966 might extend lower, we'd still expect strong support from 1.3642 to contain downside and bring rally resumption . Above 1.3844 will turn bias back to the upside for retesting 1.3966 first. However, we'd also like to point out the possibility that rise from 1.2755 could have completed with five waves up to 1.3966. Break of 1.3642 will at least confirm near term reversal and target 1.3476 support next. |
| Economic Indicators Update |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency ran into heavy offers just below 1.3830 and has retreated quite sharply in European session, bids are still noted at 1.3750-60 with stops building up below 1.3745, more buy orders are expected at 1.3735, 1.3720 and further out at 1.3700. On the upside, offers are now seen at 1.3795-00 and1.3835-40, followed by mixture of offers and stops at 1.3850, more selling interest is tipped at 1.3870-80 and further out at 1.3900-15 area. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: EUR/USD - Sell at 1.3800Despite intra-day brief bounce to 1.3827, as the single currency met renewed selling interest there and has retreated, suggesting the recovery from 1.3749 (last week's low) has possibly ended there and consolidation with downside bias is seen for a retest of this support, break there would extend recent decline from 1.3967 top for retracement of recent upmove to 1.3721-22 Trade Idea Update: USD/CHF - Buy at 0.8800Although dollar has recovered after finding support right at Friday's low of 0.8815, break of last week's high of 0.8869 is needed to signal the rise from 0.8699 low has resumed and extend further gain for retracement of recent decline to 0.8890-06 (50% Fibonacci retracement of 0.9082-0.8699 and previous resistance) but reckon 0.8935 (61.8% Fibonacci retracement) would hold due to overbought condition Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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