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Mid-Day Report: Euro Tumbles as Bundesbank Would Support ECB June Easing Euro drops sharply today it's reported in the media that German Bundesbank is open to additional stimulus from ECB in June. And that could include negative rates and purchase of packaged bank loans. But, the ECB staff projection for 2016 inflation would be crucial to Bundesbank's stance. ECB president Draghi has also hinted on June easing during last ECB press conference. And Bundesbank's support should clear an important hurdle for ECB's decision. EUR/USD extends recent sharp fall from 1.3993 to as low as 1.3698 and should be heading to 1.3673 key near term support. EUR/GBP is also re-gathering downside momentum to move away from 0.8157 key support level. EUR/JPY, on the other hand, is staying above 139.88 temporary low in spite of today's sharp decline. Full Report Here...
Featured Technical Report
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.3746; (P) 1.3760 (R1) 1.3771; More.... EUR/USD's decline from 1.3993 extends to as low as 1.3698 so far today. Intraday bias remains on the downside for 1.3673 support. Current development argues that the near term trend is reversing, with bearish divergence condition in 4 hours MACD and daily MACD. Break of 1.3673 support will affirm this case and should target 1.3476 support next. On the upside, above 1.3774 minor resistance will turn bias neutral and bring consolidations first before staging another decline. 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
23:01	GBP	BRC Retail Sales Monitor Y/Y Apr	4.20%	1.60%	-1.70%
23:50	JPY	Japan Money Stock M2+CD Y/Y Apr	3.40%	3.40%	3.50%	3.60%
01:30	AUD	Home Loans Mar	-0.90%	1.00%	2.30%
01:30	AUD	House Price Index Q/Q Q1	-1.20%	3.00%	3.40%	3.50%
05:30	CNY	Industrial Production YTD Y/Y Apr	8.70%	8.70%	8.70%
05:30	CNY	Retail Sales Y/Y Apr	11.90%	12.10%	12.20%
05:30	CNY	Industrial Production Y/Y Apr	8.70%	8.90%	8.80%
09:00	EUR	German ZEW (Economic Sentiment) May	33.1	41.3	43.2
09:00	EUR	German ZEW (Current Situation) May	62.1	60.5	59.5
09:00	EUR	Eurozone ZEW (Economic Sentiment) May	55.2	63.5	61.2
12:30	USD	Advance Retail Sales Apr	0.10%	0.40%	1.10%
12:30	USD	Retail Sales Less Autos Apr	0.00%	0.60%	0.70%
12:30	USD	Import Price Index M/M Apr	-0.40%	0.30%	0.60%
14:00	USD	Business Inventories Mar	0.40%	0.40%	0.40%

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency slipped again in European session, bids at 1.3745-50, 1.3735 and 1.3710-20 together with stops below 1.3700 were cleared, however, fresh demand is tipped at 1.3685 and further out at 1.3650-60. On the upside, offers are now seen at 1.3745-55 and in good size at 1.3780-85 (stops above), more sell orders are expected at 1.3800-05 (stops above), 1.3825-35 and 1.3850, selling interest is likely to emerge further out at 1.3875, 1.3900 and 1.3935.

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Forex Trade Ideas

Trade Idea Update: USD/CHF - Buy at 0.8820

As the greenback has risen again after brief pullback, suggesting the rise from last week's low of 0.8703 is still in progress and further gain to previous chart resistance at 0.8953 would be seen, however, break there is needed to retain bullishness and signal another leg of major correction from recent low of 0.8699 low is underway and may extend gain to 0.8975-80, then towards 0.9000 which is likely to hold from here, bring a much-needed correction later.

Trade Idea Update: EUR/USD - Sell at 1.3800

The single currency has fallen again after faltering below yesterday's high of 1.3775 and broke below support at 1.3745, suggesting the reversal from 1.3993 top is still in progress and may extend weakness to previous support at 1.3673, break there would extend weakness towards 1.3650-55 (50% projection of 1.3993-1.3745 measuring from 1.3775), however, loss of near term downward momentum should prevent sharp fall below latter level and reckon 1.3620-25 (61.8% projection) would hold