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Mid-Day Report: Euro Pared Gains as Weighed Down by German IfoEuro is back under mild pressure after weaker than expected confidence data. The German Ifo business climate dropped for the sixth consecutive month to 103.2 versus expectation of 104.8. That's the lowest level since December 2012. The current assessment gauge dropped to 108.4 and the expectations gauge dropped to 98.3. Both missed expectations too. Ifo President Hans-Werner Sinn noted in the statement that "the outlook for the German economy deteriorated once again.” Ifo economist Kaus Wohlrabe said there are "almost no bright spots in the Germany industry", and the best for Q4 was stagnation. Separately, the German DIHK Chambers of Commerce lowered 2014 growth forecast from 2% to 1.3% and it expected further slowdown to 0.8% in 2015. The group noted that "confidence at companies has received a significant damper." And, businesses are "more skeptical" on "domestic demand" as it "now tops the list of business risks. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.2636; (P) 1.2666 (R1) 1.2697; More.... Intraday bias in EUR/USD remains neutral for the moment. Consolidation from 1.2500 might extend. In case of another rebound, we'd expect strong resistance from 1.2994 to limit upside and bring fall resumption. Firm break of 1.2605 minor support will turn bias back to the downside. Break of 1.2500 will extend the larger fall from 1.3993 for 1.2042 low next. Nonetheless, break of 1.2994 will bring lengthier consolidation above 1.2500 before staging another fall. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency rebounded again in US morning but sell orders are still seen at 1.2725-30 and 1.2750, more selling interest is expected at 1.2770 and 1.2785-90, mixture of offers and stops is located at 1.2800. On the downside, bids at 1.2670-75 were filled but buy orders are still noted at 1.2665, 1.2640-50 and 1.2625-30, more buying interest is tipped at 1.2600-10, 1.2565 and 1.2550. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: EUR/USD - Sell at 1.2730Although the single currency has eased after intra-day initial rise to 1.2715, reckon 1.2660 would limit downside and near term upside risk remains for the rebound from last week's low at 1.2614 to bring another corrective rise to 1.2725-30 (50% Fibonacci retracement of 1.2840-1.2614) before prospect of another decline later. Below the lower Kumo (now at 1.2650) would signal the rebound from 1.2614 has ended and bring test of 1.2605-14 support area Trade Idea Update: USD/JPY - Buy at 107.40As the greenback has retreated after rising marginally to 108.38, suggesting consolidation would bee seen and pullback to the lower Kumo (now at 107.57) cannot be ruled out, however, reckon previous resistance at 107.39 would limit downside and bring another rise later, above said resistance at 108.38 would extend the rise from 105.20 for at least a strong retracement of the decline from 110.09 top towards resistance at 108.74 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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