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Mid-Day Report: Euro Broadly Lower While Stocks ReboundedWhile global stock markets recovered, Euro extended recent fall against dollar as EU leaders are preparing further sanctions against Russia. Twenty-eight EU ministers are meeting in Brussels today. German foreign minister Steinmeir said on arrival that it's necessary to have sharper measures and higher pressure, together with diplomatic means, to solve the Russian-Ukraine tensions. Dutch foreign minister Timmermans said Holland wanted EU to make a "united", "strong", "clear statement against the unrest in the eastern Ukraine". UK foreign secretary Hammond said EU have to address Russia's support to separatist in Ukraine and "low of heavy weapons from Russia. Nonetheless, it's believed that EU would refrain from so-called level three sanctions, that is sectoral sanctions. And, EU would just stay with expanding the list of Russian officials and businessmen under asset freezes and travel bans. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3507; (P) 1.3528 (R1) 1.3543; More.... EUR/USD's fall continues today and reaches as low as 1.3458 so far, breached 1.3476 leg support. Intraday bias remains on the downside for the moment. Sustained trading below 1.3476 will carry larger bearish implication and will target 61.8% projection of 1.3993 to 1.3502 from 1.3700 at 1.3397. Nonetheless, it should be noted again that strong rebound from the current level will dampen the bearish case of trend reversal. And above 1.3548 minor resistance will turn intraday bias neutral first. |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency slipped to fresh 2014 low in NY morning after the release of US CPI before recovering, bids at 1.3500 and 1.3485 together with stops below both levels and 1.3470 were tripped, however, buy orders are still seen at 1.3450-60 and 1.3425, mixture of bids and stops is expected at 1.3400-10. On the upside, offers are lowered to 1.3515-25 and 1.3545-60 area, more sell orders are located at 1.3570-80 (stops above) and 1.3600-10, selling interest should emerge around 1.3640-55 area. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: GBP/USD - Sell at 1.7140Cable's near term sideways trading is likely to continue and still reckon last week's low at 1.7036 would limit downside and near term upside risk remains for another rebound, above yesterday's high at 1.7100 would bring recovery to 1.7140-50 before prospect of another decline. A break of said support at 1.7036 would add credence to our view that a temporary top is possibly formed at 1.7192 and bring retracement of recent upmove to 1.7000-07 support, then towards 1.6970-75 Trade Idea Update: EUR/USD - Sell at 1.3545As the single currency has fallen again and broke below last week's low at 1.3491, adding credence to our bearishness for recent decline from 1.3993 top to resume and further weakness to previous support at 1.3477 would be seen, break there would encourage for correction of early upmove to 1.3450 but oversold condition should limit downside to 1.3400-10, risk from there is seen for a rebound to take place later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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