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Mid-Day Report: Euro Mildly Higher Against Dollar, But Stays Soft in CrossesEuro recovers mildly against dollar today. Some people attributed that to comments from German finance minister Schaeuble. However, it should be noted that the common currency has indeed weakened against Sterling and Yen today. The recovery in EUR/USD should be more related to retreat in the greenback. In particular, dollar dipped quite sharply against commodity currencies today. With lack of economic data from US, we'd expect dollar's retreat to continue in US session. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.6521; (P) 1.6558; (R1) 1.6576; More... GBP/USD's consolidations from 1.6534 continues today with another recovery. Further rise could be seen. But upside is expected to be limited by 1.6737 resistance and bring fall resumption. The decline from 1.7190 medium term top is expected to extend lower. Below 1.6534 will target 1.6251 cluster support (38.2% retracement of 1.4813 to 1.7190 at 1.6282). |
| Economic Indicators Update |
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| Orders and Options Watch | ||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency recovered after holding above indicated barrier at 1.3150, bids are still noted above this level with stops building up below there, more buying interest is located at 1.3135, 1.3120 and 1.3100-05 (stops below), fresh demand should emerge around 1.3085, 1.3065 and 1.3050. On the upside, offers are seen at 1.3200 and from 1.3220 up to 1.3250 (stops above), more sell orders are tipped at 1.3280-85, 1.3300 and 1.3320 with stops building up above there, selling interest is expected at 1.3350 and 1.3370. | ||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||
Trade Idea: EUR/JPY - Hold long entered at 137.25The single currency has slipped again after meeting renewed selling interest at 137.42 yesterday and marginal weakness from here cannot be ruled out, however, as long as support at 136.77 holds, upside bias remains for the rise from 135.73 low (wave v of 3) to bring retracement of recent decline, above 138.00-03 resistance would bring test of another previous resistance at 138.45 Trade Idea Update: GBP/USD - Buy at 1.6470Although cable has rebounded again after holding above support at 1.6537, break of 1.6605 is needed to suggest a temporary low is possibly formed, bring retracement of recent decline to 1.6650-55 but resistance at 1.6679 should hold from here. Below said support would extend recent decline to 1.6505-10 (1.236 times projection of 1.6845-1.6658 measuring from 1.6739) 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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