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Mid-Day Report: Euro Lifted by German Ifo, But Upside Limited by GreeceEuro recovers further today as German Ifo business confidence was unexpectedly unchanged at 114.2 in May versus expectation of a drop to 113.7, and remained close to record high of 115.4 hit in February. Meanwhile, the current assessment gauge rose to 121.4, hitting a new record high. The expectation component dropped slightly to 107.4 but beat expectation of 107.0. The Ifo institute said that while the expectations continued to lose ground, the outlook "remains positive." Also, the "business cycle traffic lights still signal 'green'." Meanwhile, German GDP was revised at 1.5% qoq in Q1. EUR/USD breached 1.41 level briefly while EUR/CHF also breached 1.24. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3961; (P) 1.4054 (R1) 1.4138; More. EUR/USD's recovery from 1.3969 continues further today and breaches 1.41 briefly. But still, with 1.4344 resistance intact, near term outlook remains bearish and further decline is still expected. Below 1.3969 will target 61.8% projection of 1.4938 to 1.4047 from 1.4344 at 1.3793 next. However, note that break of 1.4344 will indicate short term bottoming and bring stronger rebound towards 1.4938 high instead. |
| Economic Indicators Update |
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Trade Idea Update: GBP/USD –Sell at 1.6205Despite intra-day initial fall to 1.6055, the subsequent rebound together with the breach of the Kijun-Sen add credence to our view that a minor low has been formed there and retracement to the Ichimoku cloud bottom (now at 1.6185) would be seen, however, reckon 1.6207-09 (current level of the Ichimoku cloud top and 61.8% Fibonacci retracement of 1.6304 to 1.6055) would limit upside, bring another decline later. Trade Idea: AUD/USD –Sell at 1.0640Despite yesterday's fall to 1.0478 as aussie has rebounded today after holding above this support, suggesting consolidation above there would be seen with mild upside bias for recovery to 1.0610/20, however, renewed selling interest should emerge around 1.0640/50 and bring another decline. A break of said support would extend the fall from 1.1012 top for weakness to previous support at 1.0440/45. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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