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Mid-Day Report: Euro Tumbled after Weak Inflation Data, EUR/USD Breached 1.26Euro tumbles broadly today and breached 1.26 handle against dollar after weak inflation data. Flash CPI estimate dropped to 0.3% yoy in September as expected, hitting the lowest level since October 2009. Core CPI slowed to 0.7% yoy versus expectation of 0.9%. Eurozone unemployment rate was unchanged at 11.50% in August. German unemployment unexpectedly rose 12k in September versus expectation of -2k while unemployment rate was unchanged at 6.7%. ECB meeting will be the major focus later in the week and governor Mario Draghi is expected to reveal details about ABS and covered bonds purchases. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.2661; (P) 1.2688 (R1) 1.2712; More.... EUR/USD's decline continues today and reaches as low as 1.2570 so far. Intraday bias remains on the downside and current fall from 1.3993 would target 1.2042 low next. On the upside, above 1.2705 minor resistance will turn bias neutral and bring consolidations. But recovery should be limited by 1.2994 resistance and bring another decline. |
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US Session: Orders and Options WatchEUR: The single currency dropped to 2-year low on soft Eurozone inflation data, bids at 1.2660-65, 1.2650, 1.2620-25 and 1.2600 were tripped, however, some buy orders are reported at 1.2570 and in good size at 1.2540-50 (more stops below). On the upside, offers are lowered to 1.2640-50 and 1.2670, sizeable sell orders remain at 1.2700-10, 1.2725-35 and 1.2750-60 (stops above 1.2765), selling interest is expected at 1.2785 and 1.2800. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: USD/CHF - Buy at 0.9520As the greenback has surged again in European morning after the release of CPI data, suggesting recent upmove from 0.8699 low is still in progress and may extend further gain to 0.9600-10, then 0.9630 but overbought condition should limit upside to 0.9650-60 and price should falter below 0.9675-80, risk from there is seen for a retreat to take place later. Trade Idea Update: EUR/USD - Sell at 1.2650As the greenback has surged after last week's breach of previous resistance at 1.1099, adding credence to our bullish view for recent upmove to resume and further gain to 1.1200 would be seen, however, near term overbought condition should prevent sharp move beyond resistance at 1.1279, risk from there is seen for a retreat to take place later. 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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