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Daily Report: Euro Mildly Higher after Bank Stress Test Results, German Ifo WatchedEuro opened the week higher as the results of the year long bank stress tests eased concern of health of the regions banks. Technically, 25 out of 150 banks failed the tests and faced a cumulative short fall of EUR 24.6b. However, most of them have already taken actions in 2014. And currently, all but 13 of the banks needed additional capital of EUR 9.5b in total. Further than that, the footnotes explained that 5 of them, including 2 banks in Greece, 2 in Slovenia and 1 in Belgium, either don't need additional fund, or have reduced the balance sheets, or were wound down. Thus, only eight remaining banks required additional capital. ECB vice president Vitor Constancio noted that "this unprecedented in-depth review of the largest banks' positions will boost public confidence in the banking sector." And, "this should facilitate more lending in Europe, which will help economic growth." |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 136.63; (P) 136.84; (R1) 137.21; More... EUR/JPY edges higher as the corrective recovery from 134.13 extends. Further rise cannot be ruled out as the consolidation extends. But as long as 137.93 resistance holds, deeper decline is still expected. Prior break of 135.50 support was taken as an indication of medium term trend reversal. Below 135.20 minor support will turn bias to the downside for 134.13 first. Break will extend the larger fall to 131.21 support next. However, break of 137.93 will dampen this bearish view and turn bias back to the upside for 141.21 resistance. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency recovered on dollar's broad-based retreat against European currencies, offers at 1.2680-85 were filled but sell orders are still noted at 1.2700 and 1.2725-30, more selling interest is expected at 1.2740-50, 1.2770 and 1.2785-90, mixture of offers and stops is located at 1.2800. On the downside, bids are raised to 1.2640-50, 1.2625-30 and 1.2600-10, more buy orders are tipped at 1.2565 and 1.2550. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/GBP - Sell at 0.7970The fall from 0.8047 (last week's high) signals the wave a from 0.7766 has ended there and consolidation with downside bias is seen for wave b decline to bring weakness to support at 0.7850, however, if our view that low has been formed at 0.7766 is correct, downside should be limited to 0.7820-25 and reckon 0.7790-00 would hold, bring another rebound later. Trade Idea: USD/CAD - Buy at 1.1100As the greenback has retreated after meeting resistance around 1.1296, retaining our view that further consolidation below last week's high at 1.1366 would be seen and pullback to 1.1180 and then 1.1140-50 cannot be ruled out, however, price should stay above previous support at 1.1082 and bring another rise later, above 1.1300 would bring retest of said resistance at 1.1366, break there would extend recent rise from 1.0660 low to 1.1440-50 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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