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Mid-Day Report: Euro Recovers Mildly, But still VulnerableEuro recovers mildly with support of strength in major European equity indices but strength is so far mild. Greece successfully raised EUR 1.625b from sale of six-month T-bills today. Yield was up 8 basis points to 4.8% versus April Auction while bid-to-cover ratio was down to 3.58, from 3.81. The auction also drew less foreign demand, down from 41% to 34.2%. The slightly worse result was expected based on recent talk of debt restricting but overall, it isn't a disastrous result. Meanwhile, the heads of delegations from ECB, IMF and EC are arriving in Athens today to complete the inspection of Greece's austerity efforts over the coming too weeks. The fifth batch of EUR 110b bailout funds will be approved if Greece meets the criteria. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.4261; (P) 1.4352 (R1) 1.4449; More. EUR/USD might have formed a temporary low at 1.4254 but another fall will remain in favor as long as 1.4440 minor resistance holds. But focus will remain on 1.4157 cluster support (38.2% retracement of 1.2873 to 1.4938 at 1.4149). We'd still expect pull back from 1.4938 to be contained there and bring up trend resumption. Above 1.4440 minor resistance will flip bias back to the upside for retesting 1.4938 resistance first. However, sustained break of 1.4157 will bring deeper decline towards medium term channel at 1.3429 instead. |
| Economic Indicators Update |
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Trade Idea Update: USD/CHF – Buy at 0.8680 or sell at 0.8830Despite intra-day brief rise to 0.8815, as the greenback has retreated after failing to break this resistance (same level as yesterday's high), suggesting further consolidation would take place and below support at 0.8708 would bring retracement to 0.8677-78 (previous support and the current level of the lower Kumo) where renewed buying interest should emerge, bring another rise later. Trade Idea: AUD/USD – Sell at 1.0875 or buy at 1.0670Although aussie edged higher to 1.0804 today and the rebound from last week's low at 1.0537 may bring a stronger retracement of the fall from 1.1012 to 1.0830/35 (61.8% Fibonacci retracement of 1.1012 to 1.0537), renewed selling interest should emerge around 1.0875/80 and 1.0930/35 should hold, bring another decline later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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