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Mid-Day Report: Euro Mildly Higher as ECB Draghi Declined to Quantity Target for Asset PurchaseEuro is mildly higher in early US session after ECB left policies unchanged. ECB president Mario Draghi said that the central bank will buy assets for at least two years to lift inflation and boost growth. While he said the purchase will have sizeable impact on the balance sheet, he declined to provide any specific target. He added that "the risks surrounding the economic outlook for the euro area remain on the downside." And, "the recent weakening in the euro area's growth momentum, alongside heightened geopolitical risks, could dampen confidence and, in particular, private investment." Euro bears pared back some bets on uncertainty on how aggressive ECB's purchase would be. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.2591; (P) 1.2615 (R1) 1.2647; More.... Intraday bias in EUR/USD remains neutral for consolidation above 1.2570 temporary low. Considering bullish convergence condition in 4 hours MACD, a short term bottom could be formed too. Break of 1.2705 minor resistance will bring stronger recovery. But upside should be limited by 1.2994 resistance and bring fall resumption. Meanwhile, break of 1.2570 will extend the fall from 1.3993 towards 1.2042 low. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency rebounded in European session and offers at 1.2650-60, 1.2675 and 1.2680-85 were filled but more sell orders are reported at 1.2700-10, 1.2725-35 and 1.2750, selling interest is expected to emerge at 1.2775-85 and 1.2800. On the downside, bids remain at 1.2600, 1.2580-90 and 1.2565, buy orders in good size are tipped at 1.2540-50 (more stops below), 1.2525-35 and 1.2500 (stops below figure), fresh demand should emerge around 1.2485 and 1.2450. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: USD/CHF - Buy at 0.9500As dollar has slipped again after holding below indicated resistance at 0.9597 (this week's high), retaining our view that further consolidation is in store and another corrective fall cannot be ruled out but reckon support at 0.9499 would limit downside and bring another rise later. A break of said resistance at 0.9597 would confirm recent upmove from 0.8699 low has resumed and extend further gain to 0.9630 Trade Idea Update: GBP/USD - Sell at 1.6250As the British pound has remained under pressure and broke below support at 1.6162, adding credence to our view that rebound from 1.6052 has ended at 1.6525 and bearishness remains for the decline from 1.6525 to extend weakness to 1.6120-25 and possibly towards 1.6100, however, loss of near term momentum should prevent sharp fall below latter level and price should stay above said support at 1.6052. 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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