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Daily Report: Euro Extends Rally, Germany to Discuss French Greek Debt ProposalEuro extends its broad based rally against major currencies today on optimism that Greece's problem is solved in near term after yesterday's parliamentary passage of austerity plan. The near term resolution in the Greece situation also helps boost risk appetite in general and sends Asian equities broadly higher following another day of rebound in DOW overnight. Dollar is defensive against all major currencies for the moment as focus is back to the fragility of US recovery as well as IMF's warning to US for raising the debt ceiling Strength in crude oil, which is now back above 95 level after drawing support from 90, also gives some pressure to the greenback. |
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EUR/USD Daily OutlookDaily Pivots: (S1) 1.4357; (P) 1.4403 (R1) 1.4479; More. EUR/USD rises further to as high as 1.4521 so far today and is set to take on near term falling trend line resistance. Intraday bias remains on the upside and break of the trend line will send EUR/USD to 1.4965 resistance next. Note again that EUR/USD is possibly forming a triangle pattern inside converging range of 1.3969/4939. Eventual upside breakup is still in favor with 1.3969 support intact. Break of 1.4695 resistance will be the first signal of up trend resumption for another high above 1.4939. On the downside, below 1.4330 minor support will turn bias neutral. Further break of 1.4102 will turn focus back to 1.3969 support instead. |
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Trade Idea: GBP/USD – Buy at 1.5995Although the British pound extend this week’s rise from 1.5912 to as high as 1.6118, as cable has retreated in London morning, suggesting consolidation would be seen and pullback to the Kijun-Sen (now at 1.6045) cannot be ruled out, however, reckon 1.5991 (61.8% Fibonacci retracement of 1.5912-1.6118) would limit downside and bring another rise later. A break of said resistance would bring a stronger retracement of recent decline to 1.6129 Trade Idea: EUR/USD – Buy at 1.4350Despite yesterday’s brief retreat to 1.4320, as the single currency has risen again after finding renewed buying interest there, suggesting the rise from 1.4073 is still in progress and further gain to 1.4530 and possibly to previous resistance at 1.4552, however, near term overbought condition should limit upside and price should falter below 1.4600 and risk has increased for a retreat later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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