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Daily Report: Euro Recovers Mildly on Mersch Comments, Dollar SoftEuro recovers mildly after ECB Governing Council member Mersch said yesterday that if price hikes "trickle through the economic system in the form of secondary effects", ECB is "is obliged to intervene vigorously". Though, Mersch also noted that if the 2013 projection to be released in March shows the current inflation is only a temporary increase, then "there's no danger". The strength in the common currency is so far mild as markets still remember Trichet's comment that there's no immediate plan to hike rates even though inflation exceeded ECB's target of 2% for two consecutive months. |
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| Featured Technical Report | |
EUR/GBP Daily OutlookDaily Pivots: (S1) 0.8397; (P) 0.8421; (R1) 0.8455; More With 4 hours MACD crossed above signal line, a temporary low is in place at 0.8388 in EUR/GBP and intraday bias is turned neutral. Some consolidations would be seen first. But upside is expected to be limited by 0.8509 resistance and bring another fall. As noted before, rebound from 0.8284 should have completed at 0.8671 and the corrective structure suggests decline from 0.8940 is not over yet. We'd expect further fall to 0.8284/8331 support zone first after completing some brief consolidations. |
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Trade Idea: GBP/USD – Sell at 1.6230Despite yesterday's retreat from 1.6186, as cable has rebounded after holding above indicated support at 1.6080, retaining our consolidative view and another bounce to 1.6186 and 1.6200 is likely, however, as top has been formed at 1.6279 last week, upside would be limited to 1.6230 and bearishness remains for another leg of corrective decline. Trade Idea: EUR/USD – Buy at 1.3575Despite yesterday's resumption of last week's fall from 1.3862 to 1.3508, the subsequent rebound from there suggests a low has been formed and consolidation with mild upside bias is seen for gain towards 1.3680-85 (Friday's high and current level of the Ichimoku cloud top), however, reckon 1.3725/30 (61.8% Fibonacci retracement of 1.3862 to 1.3508) would hold from here and bring another decline later Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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