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Mid-Day Report: Euro Mildly Lower on German Data, Markets ConsolidateThe markets are relatively quiet and mixed today. Euro is mildly weaker after weak German production data but loss is so far limited. Sterling attempted to strengthen, in particular in crosses, today on rate views but there isn't follow through buying yet. Dollar is facing some mild pressure on rising commodities as copper hits another record high today. No important event is scheduled for the US today and we'd probably see the greenback consolidations further. Nevertheless, attention should be paid to US treasury yield, which could trigger some dollar strength in case yields extend Friday's jump. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3523; (P) 1.3601 (R1) 1.3658; More. With 1.3675 minor resistance intact, intraday bias in EUR/USD remains on the downside. PUll back from 1.3860 is still in progress and should target 38% retracement of 1.2873 to 1.3860 at 1.3483 and possibly lower. But after all, there is no change in the cautiously bullish outlook yet. Fall from 1.4281 should have completed with three waves down to 1.2873. Hence, downside of the current pull back should be contained by 1.3253 cluster support (61.8% retracement at 1.3250) and bring another rise. On the upside, above 1.3675 minor resistance will turn bias back to the upside for retesting 1.3860 first. |
| Economic Indicators Update |
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Trade Idea Update: USD/CHF – Buy at 0.9470Despite intra-day marginal rise to 0.9598 (Friday's high was 0.9595), lack of follow through buying and current retreat suggests minor top has been formed and consolidation with mild downside bias is seen for correction to intra-day support at 0.9530, break would bring stronger retracement to 0.9500 but renewed buying interest should emerge above the Ichimoku cloud top (now at 0.9467) and bring another upmove later. Trade Idea: EUR/JPY – Buy again at 111.50Although the single currency fell again last week to as low as 110.77 on Friday, the subsequent rebound from there suggests the correction from 114.02 has possibly ended there and consolidation with upside bias is seen for test of 112.92 resistance, break there would add credence to this view and further gain to 113.50 would follow. 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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