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Mid-Day Report: Euro Recovered With PMI, Sterling LowerEuro recovered after initial dip as supported by better than expected PMI data. Eurozone PMI manufacturing rose to 50.7 in October versus expectation of 50.0. PMI services rose to 52.4 versus expectation of 52.0. German PMI manufacturing rose to 51.8, back above 50 level and beat expectation of 49.6. German PMI services, however, dropped to 54.8 versus expectation of 55.0. Markit noted that "the overall headline number has risen but there are signs that it is going to start deteriorating again. Most worrying is the decline in new orders." Also, "this is the most aggressive we have seen price cutting since the height of the financial crisis and it's moving in the wrong direction. It's going to raise worries about deflation." Also released from Eurozone, Spain's unemployment rate dropped to 23.7% in the three months through September, hitting the lowest level since the end of 2011. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 106.82; (P) 107.10; (R1) 107.41; More... USD/JPY's rebound from 105.19 extended higher today and the break of 107.49 minor resistance suggests that fall from 110.08 is already finished. Intraday bias is back on the upside for retesting 110.08 first. Break will resume larger up trend and target next long term fibonacci level at 111.62. On the downside, below 106.24 minor support will extend the correction from 110.08. In that case, we'd look for reversal below 61.8% retracement of 101.08 to 110.08 at 104.51. |
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US Session: Orders and Options WatchEUR: Despite intra-day recovery, sell orders are still noted at 1.2680-85, 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 now seen at 1.2620-30 and 1.2600-10, more buy orders are tipped at 1.2565 and 1.2550. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: EUR/USD - Sell at 1.2725Euro's intra-day breach of support at 1.2625 suggests early rebound from 1.2501 low has ended at 1.2887 and bearishness remains for test of another previous support at 1.2605, break there would add credence to this view and extend weakness to 1.2580-85, then 1.2550 but price should stay well above said support at 1.2501. Trade Idea Update: USD/JPY - Buy at 107.20As the greenback has surged again after brief pullback to the Kijun-Sen, adding credence to our view that recent decline has ended at 105.20 last week and bullishness remains for this rise to bring at least a strong retracement of recent decline towards resistance at 108.18, however, break there is needed to retain bullishness and encourage for subsequent rise towards 108.50. 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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