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Daily Report: Euro Recovered on Hawkish Trichet, Resuming Up Trend?Euro recovers mildly over night as supported by hawkish messages from ECB President Trichet, who emphasized that inflation is now "durably above the common definition of price stability in the eurozone." The comments reinforced expectation of April hike from ECB, which Trichet signaled by using the magical word "vigilance" in last post meeting press conference. The comments also triggered some speculation that April's hike wouldn't be a one-off event as Trichet is possibly starting to pave way for future hikes. Technically, it's possibly that EUR/USD's retreat was finished at 1.4020 yesterday after holding ground above 1.4 psychological level. A break of yesterday's high of 1.4119 will likely send EUR/USD to retest 1.4247 high. |
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EUR/USD Daily OutlookDaily Pivots: (S1) 1.4032; (P) 1.4074 (R1) 1.4127; More. EUR/USD's recovery today pushed 4 hours MACD back above signal line and suggests that pull back from 1.4247 might be finished at 1.4020 already. Intraday bias is cautiously on the upside for a retest on 1.4247 first. Break will confirm up trend resumption for 1.4281 resistance, which is close to medium term falling trend line (now at 1.4273). Sustained break there will have medium term bullish implication and should pave the way to 1.5143 resistance next. On the downside, below 1.4020 will bring another fall to extend the correction from 1.4247. But outlook remains bullish as long as 1.3751 support holds and further rally is still expected. |
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Trade Idea: GBP/USD – Sell at 1.6140Despite intra-day initial retreat to 1.5976, the British pound found renewed buying interest there and has rebounded, suggesting further consolidation above yesterday's low at 1.5937 would take place and retracement to 1.6090/95 cannot be ruled out, however, reckon 1.6134-42 (current level of the Ichimoku cloud top and previous resistance) would limit upside and bring another decline later. Trade Idea: USD/JPY – Buy at 81.40As dollar has retreated after faltering below yesterday's high of 81.85, suggesting further consolidation below this resistance would take place and pullback to the Ichimoku cloud top (now at 81.44) is likely, however, reckon the lower Kumo (now at 81.27) would limit downside and bring another rise later. Above said resistance would extend gain to previous resistance at 82.00 but break there is needed to retain bullishness Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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