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Daily Report: Euro Edges Higher But Lacks Follow Through BuyingEuro edged higher against dollar as the week starts but lacks follow through buying in quiet trading. While the Greece situation is temporary off the table as a tentative agreement was made during last week to give Greece additional financing, there remains a question on how private-sector creditors would be involved to share some of the burdens. It's reported that there are some disagreements between ECB and Germany over the issue. Berlin would prefer the "reprofiling" option, a plan that private bond-holders would exchange existing Greek bonds for new bonds with a longer maturity, at seven years beyond the current expiry dates. On the other hand, ECB prefers just to "rollover" the current bond holdings. This would likely be one of the focus in near term in the Greece situation. |
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| Featured Technical Report | |
EUR/GBP Daily OutlookDaily Pivots: (S1) 0.8861; (P) 0.8891; (R1) 0.8938; More With 0.8849 minor support intact, intraday bias in EUR/GBP remains on the upside and further rise should be seen to 0.9041 resistance first. Break there will confirm that whole rebound from 0.8067 has resumed and should target 0.9410 resistance next. On the downside, below 0.8849 minor support will turn bias neutral and bring retreat. But in such case, strong support should be seen at 4 hours 55 EMA (now at 0.8782) and bring another rise. |
| Economic Indicators Update |
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Trade Idea: USD/CHF – Sell at 0.8385Friday's selloff on broad-based weakness in the greenback due to the release of worse-than-expected U.S. data signals recent downtrend is still in progress and indicated downside target at 0.8325/30 (50% projection of 0.8895-0.8457 measuring from 0.8547) had been met, although further fall towards 0.8275-80 (61.8% projection) is likely, loss of downward momentum should limit downside to 0.8250, bring rebound later. Trade Idea: USD/JPY – Sell at 80.70As the greenback rebounded after Friday's selloff to 80.05, suggesting consolidation above this level would take place and recovery to 80.55/60 is likely, however, the Ichimoku cloud bottom (now at 80.88) would limit upside and bring another decline later. A break of said support at 80.05 would extend recent decline from 82.23 towards 79.70 but still reckon previous support at 79.57 would hold on first testing. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||
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