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Mid-Day Report: Sentiments Hurt Again By GreeceSentiments reversed once again on Greece uncertainty. A lawmaker from Greece's ruling Pasok party, Thomas Robopoulos, expressed today that he's uncertain whether to vote for the austerity measures yet. EU/IMF has made it clear that the fifth bailout fund payment will be approved on July 3 if Greece can pass the austerity measures. Greece parliament will vot on the EUR 78b austerity package on June 30. It's hopeful that after passing the test of confidence vote earlier this week, Greek Prime Minister Papandreou should be able to secure the support for the austerity measures. But today's news remind that the road to July 3 is long and difficult for Greece and EU. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.4134; (P) 1.4246 (R1) 1.4365; More. EUR/USD's recovery was limited below 4 hours 55 EMA and weakens again. Intraday bias remains neutral and the overall outlook is unchanged. EUR/USD is possibly just forming a triangle pattern inside converging range of 1.3969/4939. Upside eventual upside breakup is still in favor as long as 1.3969 support holds. Above 1.4441 minor resistance will flip bias back to the upside for 1.4695 first. Further break there will be the first signal of up trend resumption for another high above 1.4939. However, break of 1.4073 will put focus on 1.3969 support instead. |
| Economic Indicators Update |
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Trade Idea Update: GBP/USD – Sell at 1.6105Despite intra-day retreat to 1.5952, the subsequent rebound after holding above yesterday’s low at 1.5938 has retained our view that further consolidation would take place and recovery to 1.6062 (38.2% Fibonacci retracement of 1.6263-1.5938) is likely, however, reckon upside should be limited to 1.6101-09 (50% Fibonacci retracement and previous support), bring another decline later. Trade Idea: USD/CAD – Buy at 0.9755Yesterday’s rebound suggests the retreat from 0.9899 has possibly ended at 0.9700 earlier this week and consolidation with upside bias is seen for test of resistance at 0.9853 but break of said resistance at 0.9899 is needed to retain bullishness and signal the wave 4 from 0.9446 is still in progress for a stronger retracement of recent downtrend to 0.9930, however, reckon previous resistance at 0.9975 would limit upside Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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