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Mid-Day Report: Euro Stays Bearish after ECBEuro stays steadily bearish after ECB left rates unchanged at record low of 0.15% as widely expected. ECB president Draghi pledged in the post meeting press conference that the central bank will "closely monitor" the impact of geopolitical risks on the modest recovery in Eurozone. He noted that the fallout from the Ukraine crisis was "hard to assess". Regarding the economy, Draghi said that recovery was "weak, fragile and uneven" and recent data showed "slowing down in the growth momentum". The risks to recovery are "to the downside". Separately, BoE maintained the Bank rate at 0.50% and the asset purchase target at GBP 375b as widely expected. Only a brief statement was released and focus will turn to meeting minutes to be published on August 20. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3347; (P) 1.3366 (R1) 1.3401; More.... With 1.3444 minor resistance intact, deeper fall is still expected in EUR/USD for 100% projection of 1.3993 to 1.3502 from 1.3700 at 1.3209 next. On the upside, break of 1.3444 resistance is needed to signal short term bottoming. Otherwise, outlook will stay bearish in case of recovery. |
| Economic Indicators Update |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency dropped today especially after ECB, sell orders are still noted at 1.3400-10, mixture of offers and stops remains at 1.3445-50, more stops are placed above 1.3460, but sell orders are still seen at 1.3470-80, followed by combination of offers and stops at 1.3490-10 area, selling interest is tipped at 1.3520-30. On the downside, bids at 1.3350 were filled but buy orders in good size are noted at 1.3325-30, fresh demand should emerge further out at 1.3300-10 with stops placed below another barrier at figure. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: GBP/USD - Hold short entered at 1.6855Yesterday's fall to 1.6822 suggests the rebound from 1.6812 has ended at 1.6888 earlier this week and a retest of said support would be seen, break there would signal recent decline from 1.7192 top has resumed and may extend weakness to 1.6800 and possibly towards 1.6770, however, loss of downward momentum should prevent sharp fall below 1.6750 Trade Idea Update: USD/JPY - Hold short entered at 102.75Although the greenback fell according to our bearish expectation, price missed our indicated downside target at 101.75 and has rebounded from 101.78 (held above previous support at 101.72), suggesting consolidation would be seen but still reckon the Ichimoku cloud (now at 102-64-67) would limit upside and bring another decline, break of said support at 101.72 would confirm top has been formed at 103.09 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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