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Mid-Day Report: Markets Range Bound Despite Important Events and DataThe forex markets are lacking a clear direction today. While Japanese prime minister Abe finally announce the snap election and delay in tax hike, there was no sustained selling in the yen. Euro was lifted mildly by better than expected investor confidence data but it's staying in range against dollar. The greenback also got little inspiration from US data. US PPI dropped to 1.5% yoy in October but was above expectation of 1.2%. Meanwhile, PPI core rose to 1.8% yoy versus expectation of 1.5% yoy. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.2403; (P) 1.2490 (R1) 1.2536; More.... EUR/USD recovers again today but it's, after all, stuck in range above 1.2357. And, with 1.2613 minor resistance intact, further fall is still expected. Below 1.2357 will target 61.8% projection of 1.3700 to 1.2500 from 1.2886 at 1.2144. However, break of 1.2357 will indicate short term bottoming with bullish convergence condition in daily MACD. In such case, strong rebound should be seen to 1.2886 resistance. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency staged a strong rebound from 1.2443, offers at 1.2500-10 and 1.2530 were filled, however, sell orders are still noted at 1.2550-55 (stops above) and in good size from 1.2580 up to 1.2600 with more stops placed above 1.2605, selling interest should emerge further out at 1.2640-50. On the downside, bids are now seen at 1.2500-05, 1.2465-70 and in good size at 1.2440-45 (stops below), more buy orders are reported at 1.2420-30 with stops building up below 1.2390, buying interest is noted at 1.2375-80 and 1.2355-60 with more stops placed below barrier at 1.2350, fresh demand should emerge around 1.2325-35 and 1.2300. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: EUR/USD - Hold long entered at 1.2460Although the single currency retreated sharply after yesterday's rise to 1.2578 and consolidation would be seen, if our view that a temporary low formed at 1.2358 is correct, downside should be limited and 1.2440-45 should hold, bring another rise later, above 1.2540 would signal the retreat from 1.2578 has ended and bring a retest of said resistance at 1.2578, break there would bring retracement of recent decline to 1.2600 and possibly 1.2610-15 Trade Idea Update: USD/CHF - Hold short entered at 0.9650Although the greenback staged a strong rebound after falling to 0.9553 yesterday, reckon upside would be limited too 0.9655-60 and bring another fall, below 0.9570-75 would suggest the rebound from 0.9553 has ended and bring another fall to this level, break there would signal the erratic decline from 0.9742 top has resumed for retracement of recent upmove to 0.9544, then towards 0.9500-10. 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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