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Mid-Day Report: Euro Spiked But Shot Down as ECB Draghi Hinted at June Action Euro initially jumped to 2.5 year high against dollar after ECB left interest rates unchanged 0.25% as widely expected. However, the common currency was quickly shot down as ECB president Draghi hinted at the possibility of actions in June during the post meeting press conference. He noted that "the Governing Council is comfortable with acting next time, but before we want to see the staff projections that will come out in the early June." EUR/USD is trading after 1.3850 at the time of writing after hitting as high as 1.3993 earlier. EUR/GBP also drops sharply and is now threatening 0.8157 key support level. Full Report Here...
Featured Technical Report
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.3900; (P) 1.3919 (R1) 1.3929; More.... EUR/USD jumped to as high as 1.3993 after ECB rate decision and broke 1.3966 resistance. However, the pair quickly lost momentum and retreated. Intraday bias is turned neutral first. As long as 1.3769 support holds, further rally is still expected. Above 1.3993 will extend the larger rally from 1.2755 to 100% projection of 1.3476 to 1.3966 from 1.3673 at 1.4163. However, break of 1.3769 will raise serious doubt on the bullish outlook and will turn focus back to 1.3673 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
23:01	GBP	RICS House Price Balance Apr	54%	55%	57%
01:30	AUD	Employment Change Apr	14.2K	7.5K	18.1K	21.9K
01:30	AUD	Unemployment Rate Apr	5.80%	5.90%	5.80%
05:45	CHF	SECO Consumer Confidence Apr	1	3	2
06:00	EUR	German Industrial Production M/M Mar	-0.50%	0.20%	0.40%	0.60%
07:15	CHF	CPI M/M Apr	0.10%	0.10%	0.40%
07:15	CHF	CPI Y/Y Apr	0.00%	0.10%	0.00%
11:00	GBP	BoE Rate Decision	0.50%	0.50%	0.50%
11:00	GBP	BoE Asset Purchase Target May	375B	375B	375B
11:45	EUR	ECB Rate Decision	0.25%	0.25%	0.25%
12:15	CAD	Housing Starts Apr	195K	177K	156.8K
12:30	CAD	New Housing Price Index M/M Mar	0.20%	0.20%	0.20%
12:30	USD	Initial Jobless Claims	319K	328K	344K	345K
14:30	USD	Natural Gas Storage			82B

Orders and Options Watch

US Session: Orders and Options Watch

EUR: Although the single currency rose briefly to 1.3993, euro faltered right below psychological resistance at 1.4000 and reversed south as ECB's Draghi signaled that the central bank is ready to take action in June, all bids indicated at 1.3900-05, 1.3875-85 and 1.3850 were tripped, stops below 1.3840-45 are in focus, more stops are placed below 1.3800-10. On the upside, offers are lined up at 1.3880-90 and 1.3910-20, more sell orders are tipped at 1.3940-50 and further out at 1.3990-00 with stops expected above barrier at 1.4000.

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Forex Trade Ideas

Trade Idea Update: EUR/USD - Sell at 1.3950

Despite intra-day brief rise to 1.3993, the subsequent reversal on Draghi's comments on possible action in June signals top has been formed there and consolidation with downside bias is seen for correction of recent upmove to 1.3840-50, then towards support at 1.3812 (last Friday's low) but break there is needed to retain bearishness.

Trade Idea Update: USD/JPY - Sell at 102.15

Dollar's rebound after falling to 101.43 yesterday suggests consolidation above this level would be seen and recovery to 102.00 cannot be ruled out, however, still reckon resistance at 102.19 would limit upside and bring another decline later, a break of said support would extend the fall from 103.02 for retest of previous support at 101.33 but a breach of strong support at 101.20-21 is needed to retain bearishness and confirm early decline from 105.44 (2014 high) has resumed