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Action Insight Market Overview	Markets Snapshot
Mid-Day Report: Euro Falls Again on Ifo Miss Euro's decline extends today after German confidence data. The Ifo business climate dropped to 110.4 in May versus expectation of 110.9. It's also the lowest reading this year. Current assessment gauge dropped to 114.8 versus consensus of a rise to 115.4. Expectations gauge dropped to 106.2 versus expectation of 106.5. Ifo President Hans-Werner Sinn commented that "a lull was seen in the German economy in May." And, current business situation was "no longer as favorable as in April". "Companies are also less optimistic about future business developments," Nonetheless, manufacturers still "expect stronger impulses from exports." Also released from Germany, Q1 GDP was finalized at 0.8% qoq. Euro continues to feel selling pressure on expectation of additional easing measures from ECB in June. Full Report Here...
Featured Technical Report
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.3637; (P) 1.3662 (R1) 1.3680; More.... EUR/USD dips further to as low as 1.3615 so far today and Intraday bias remains on the downside. Recent development suggests that the larger up trend has completed at 1.3993 on bearish divergence condition in daily MACD, with break of channel support. Further fall should be seen to 1.3476 key support level for confirmation of this bearish case. On the upside, above 1.3733 resistance will indicate short term bottoming and bring consolidations first. 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
02:00	CNY	Conference Board Leading Index	0.90%		1.20%
06:00	EUR	German GDP Q/Q Q1 F	0.80%	0.80%	0.80%
08:00	EUR	German IFO - Business Climate May	110.4	110.9	111.2
08:00	EUR	German IFO - Current Assessment May	114.8	115.4	115.3
08:00	EUR	German IFO - Expectations May	106.2	106.5	107.3
12:30	CAD	CPI M/M Apr	0.30%	0.30%	0.60%
12:30	CAD	CPI Y/Y Apr	2.00%	2.00%	1.50%
12:30	CAD	BoC CPI Core M/M Apr	0.20%	0.20%	0.30%
12:30	CAD	BoC CPI Core Y/Y Apr	1.40%	1.40%	1.30%
14:00	USD	New Home Sales Apr		425K	384K

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency continued to head south and indicated bids and stops at 1.3620 were tripped, however, fresh demand is seen at 1.3600-10 with more stops expected below figure, some buy orders are located at 1.3585 and further out at 1.3550-55. On the upside, offers are lowered to 1.3650-60, 1.3685 and 1.3700, more sell orders are expected at 1.3720-30 with stops placed above 1.3735, selling interest is seen at 1.3745-55, 1.3770 and 1.3780-85 (stops above).

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Forex Trade Ideas

Trade Idea Update: USD/CHF - Hold long entered at 0.8890

The greenback found renewed buying interest at 0.8924 yesterday and has risen again, adding credence to our bullishness for the rise from 0.8699 low to resume and extend further gain towards psychological resistance at 0.9000, however, overbought condition should prevent sharp move beyond 0.9040-50, risk from there is seen for a retreat to take place later.

Trade Idea Update: EUR/USD - Sell at 1.3680

As the single currency has continued to trade with a weak undertone after yesterday's breach of previous support at 1.3648, suggesting bearishness remains for recent decline from 1.3993 top to extend weakness to 1.3600, however, weakening of downward momentum should prevent sharp fall below 1.3560-65 (50% projection of 1.3993-1.3648 measuring from 1.3734) and reckon 1.3545-50 would hold from here, risk from there is seen for a rebound later.