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Daily Report: Euro Opened the Week Lower on ECB Verbal InterventionEuro opened the week broadly lower on verbal intervention from ECB officials over the weekend. ECB president Draghi warned on Saturday that "a strengthening of the exchange rate requires further monetary stimulus" and that's "an important dimension for our price stability". He clarified that "exchange rate is not a policy target" but it's "important for price stability and growth". ECB governing council member Noyer also said that "the stronger the euro is, the more accommodative policy is needed." And Noyer also emphasized that "this evolution of the euro is not only a handicap for growth but equally for the return of inflation toward its target of 2%." |
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| Featured Technical Report | |
EUR/AUD Daily OutlookDaily Pivots: (S1) 1.4728; (P) 1.4781; (R1) 1.4827; More... EUR/AUD weakens mildly as the week started but stays in range above 1.4652 temporary low. Intraday bias remains neutral first. As long as 1.4964 resistance holds, near term outlook stays bearish and deeper decline is still expected. Below 1.4652 will target 161.8% projection of 1.5831 to 1.4987 from 1.5536 at 1.4170, which is close to medium term fibonacci level at 1.4216. However, considering bullish convergence condition in 4 hours MACD, break of 1.4964 will indicate near term reversal and bring stronger rebound back towards 1.5536 resistance. |
| Economic Indicators Update |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency retreated in European session in part due to long liquidation ahead of weekend, offers in good size remain at 1.3900-10, 1.3930 and 1.3950, mixture of offers and stops is located at 1.3970-75 (option barrier), defensive selling interest is tipped ahead of barriers at 1.3990 and 1.4000 with bigger stops placed above figure. On the downside, bids at 1.3870 were filled but buy orders are still noted at 1.3850-60, 1.3815-35 area and 1.3800, fresh demand should emerge around 1.3780 and 1.3750. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: EUR/GBP - Buy at 0.8270Euro's rebound after finding good support at 0.8231 earlier this week adds credence to our view that consolidation above this level would be seen and test of resistance at 0.8315 is likely, however, break of this last week's high is needed to confirm, bring a stronger rebound to previous support at 0.8325-30, above there would suggest recent decline has ended and further gain to 0.8370 would follow but resistance at 0.8400 should hold from here. Trade Idea: USD/CAD - Hold long entered at 1.0890As the greenback found good support at 1.0858 and has staged a strong rebound, retaining our near term bullishness for either the wave iv or 1st leg of wave iv to end soon) and consolidation with mild upside bias remains for retracement of recent decline, above 1.1010 would suggest low is possibly formed, then gain to 1.1045-50 would follow, break there would add credence to this view, bring test of 1.1075-80, a breach of this level would confirm Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
Technical Highlights
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