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Mid-Day Report: EUR/USD Breaches 1.3 as ECB Cut Rates and Starts Buying ABSEuro tumbles sharply today as ECB unexpectedly cut the benchmark interest rates by another 10bps to new record low of 0.05% today. The deposit rate was lowered further into negative territory at -0.20%. Further selloff is seen as ECB president Draghi said in the press conference that the central bank will start buying broad portfolio of asset backed securities. EUR/USD drops from as high as today's high of 1.3153 and breaches 1.3 handle at the time of writing. Dollar is not bothered by the slightly below expected employment data. BoE left interest rate unchanged at 0.50% and maintained asset purchase target at GBP 375b as widely expected. Only a brief statement is released and focus will turn to meeting minutes to be published on September 17. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3127; (P) 1.3143 (R1) 1.3165; More.... EUR/USD's fall resumed after ECB cut interest rates unexpectedly. The pair reaches as low as 1.3013 so far and intraday bias is back on the downside. Current decline from 1.3933 should now extend to 161.8% projection of 1.3993 to 1.3502 from 1.3700 at 1.2906 next. On the upside, break of 1.3159 resistance is needed to indicate 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 tumbled as ECB cut rate to 0.05%, bids at 1.3120-25, 1.3100-10, 1.3085, 1.3065, 1.3050 and barrier at 1.3000 were all tripped, not much orders are heard at the moment, some defensive bids are tipped above 1.2950 and 1.2900-10. On the upside, offers are now seen at 1.3030, 1.3050 and 1.3070-75, more sell orders are located at 1.3100-10 and in good size at 1.3140-50 with stops building up above 1.3160. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: EUR/USD - Sell at 1.3075The single currency tumbled as ECB lowered interest rate, this sharp fall signals recent selloff is still in progress and may extend weakness to 1.2965-75 (1.5 times projection of 1.3993-1.3503 measuring from 1.3700) and possibly towards 1.2950, however, as this move is a bit over-extended, reckon downside would be limited and reckon 1.2905-10 (1.618 times projection) would hold, bring rebound later. Trade Idea Update: USD/JPY - Buy at 104.50Dollar's retreat after yesterday's rise to 105.31 has retained our view that minor consolidation below this level would be seen, however, reckon pullback would be limited to 104.50-60 and bring another rally later towards previous chart resistance at 105.44, break there would confirm medium term uptrend has resumed for headway to 105.60-70 but near term overbought condition should prevent sharp move beyond 106.00-10 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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