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Mid-Day Report: Euro Drops on ECB Draghi's Comments on Bond BuyingEuro weakens against dollar after ECB president Mario Draghi said in the post meeting press conference that the bond purchase program will last two years or longer. Also, he noted that the policy makers are on the same page regarding to commitment to expand stimulus if it's necessary to address the "risks of too prolonged a period of low inflation". He expected the central bank's balance sheet to expand back to the level during 2012, that is, it could be up to EUR 1T. ECB kept the benchmark interest rate at 0.05% as widely expected. Also released from Eurozone, retail PMI rose to 47.0 in October. German factory orders rose 0.8% mom in September. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.2439; (P) 1.2502 (R1) 1.2549; More.... EUR/USD drops to as low as 1.2394 as recent decline resumes. Intraday bias is back on the downside. Current decline should now target 61.8% projection of 1.3700 to 1.2500 from 1.2886 at 1.2144. Break will target 1.2042 key support next. On the upside, above 1.2533 minor resistance will turn bias neutral and bring consolidations. But recovery should be limited below 1.2886 resistance and bring fall resumption. |
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US Session: Orders and Options WatchEUR: The single currency dropped in NY morning on dovish remarks from ECB's Draghi, bids at 1.2460-70, 1.2440, 1.2425 and 1.2400-10 were filled, however, some buying interest is tipped at 1.2385 and 1.2350, fresh demand should emerge further out at 1.2330-30 and 1.2300. On the upside, offers are lowered to 1.2450-60 and 1.2490-00, sizeable sell orders are expected at 1.2530-35, 1.2550 and 1.2565-75 (stops above 1.2580-85), more sellers are awaiting at 1.2600, 1.2620-25 and 1.2650-55. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: EUR/USD - Hold short entered at 1.2525As the single currency has rebounded after holding above this week's low at 1.2440, suggesting further consolidation would be seen, however, reckon the upper Kumo (now at 1.2546) would limit upside and bring another decline later, a break of said support at 1.2440 would signal recent decline has resumed and extend weakness to 1.2405-10 Trade Idea Update: USD/JPY - Buy at 113.20As the greenback has retreated after intra-day brief rise to 115.52, suggesting a minor top is formed there and consolidation with initial downside bias is seen for retracement to the upper Kumo (now at 113.84), however, reckon previous support at 113.17 would limit downside and bring another rise later. A break of said resistance would signal recent upmove is still in progress and may extend further gain to 115.75-80 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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