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Daily Report: Euro Maintains Gain But Markets Remain Cautious ahead of Greece VoteEuro maintains gain against dollar even though it lacks follow through buying to extend this week's rebound. Markets are generally optimistic on Greece parliamentary approval of the austerity package tomorrow. And, to recap, the approval of the austerity package is needed for EU and IMF to approve the next tranche of bailout payment of EUR 12b as well as getting the second bailout. EU finance ministers will next meet on July 3. Meanwhile, Euro is also supported by news that Germany has been urging to have a "plan B" if Greece fails to pass the austerity vote, and that include the possibility of reactivating the European Financial Stability Facility. But again, firstly, traders are still refusing to commit to any position before the Greece vote. Secondly, we'd like to emphasize that the passing of vote might not necessarily trigger Euro buying but could indeed trigger sell-on-news moves. Data from Eurozone saw German import price dropped more than expected by -0.6% mom in May. Gfk consumer sentiment unexpectedly rose to 5.7 in July. |
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| Featured Technical Report | |
EUR/GBP Daily OutlookDaily Pivots: (S1) 0.8878; (P) 0.8911; (R1) 0.8963; More EUR/GBP's break of 0.8952 resistance indicates that recent rebound from 0.8720 has resumed and intraday bias is back on the upside, mildly. Near term focus remains on 0.8975 resistance. Break there will be the first signal of resumption of whole rise from 0.8284 and will bring stronger rise to 0.9042 for confirmation. On the downside, though, break of 0.8858 support will in turn indicate short term reversal and will turn bias back to the downside for 0.8720 support and possibly below. |
| Economic Indicators Update |
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Trade Idea: EUR/USD – Buy at 1.4180Although the single currency rose again this morning in Australia to as high as 1.4330, the subsequent retreat from there suggest intra-day top is formed and pullback to 1.4218-21 (current level of the Ichimoku cloud top and Kijun-Sen) cannot be ruled out, however, reckon the lower Kumo (now at 1.4176) would limit downside and bring another rise later. A break of said resistance would bring a stronger retracement of recent decline to 1.4370-80 Trade Idea: USD/JPY – Buy again at 80.35Despite yesterday’s rise to 80.99, as dollar has retreated after faltering below indicated resistance at 81.08, suggesting consolidation would be seen and pullback to the Ichimoku cloud (now at 80.51-57) cannot be ruled out, however, downside should be limited to 80.35-38 (61.8% Fibonacci retracement of 80.01 to 80.99) and support at 80.13 should hold, bring another rebound later. A break of said resistance at 80.99 would bring another test of 81.08 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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