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Mid-Day Report: Euro Retreats Mildly as German Holds Back on Greece Second BailoutEuro retreat mildly in quite trading today on report that Germany is holding back the decision on another Greek bailout. Government spokesmen said that Germany will wait for the Troika report to be expected on Wednesday first. Steffen Seibert emphasized that the second bailout of EUR 60b are options but not commitments and "German payments must be decided by German authorities. Finance Ministry said that additional funding for Greece need to come from the EUR 750b EFSF bailout fund. Meanwhile ECB Executive Board member Bini Smaghi expressed his objection to debt restructuring and warned that "imposing haircuts on private investors can seriously disrupt the financial and real economy of both the debtor and creditor countries". Bini Smaghi warned that restructuring should only be the "last resort." |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.4506; (P) 1.4574 (R1) 1.4698; More. EUR/USD retreats mildly today but with 1.4516 minor support intact, intraday bias remains on the upside. As discussed before, pull back from 1.4938 should have completed at 1.3969 already. Further rise should be seen to 1.4938 high first. Break will confirm up trend resumption for 1.5143 resistance next. On the downside, below 1.4516 minor support will turn bias neutral and bring consolidations before staging another rally. |
| Economic Indicators Update |
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Trade Idea Update: USD/CHF – Sell at 0.8430Dollar's rebound after intra-day marginal fall to 0.8328 (Friday's low is 0.8336) suggests consolidation above this minor low would be seen for retracement of recent decline towards the Ichimoku cloud bottom (now at 0.8425) where renewed selling interest would emerge and bring another decline later. A break of said support at 0.8328 would extend downtrend to 0.8275-80 (61.8% projection of 0.8895-0.8457 measuring from 0.8547) Trade Idea: EUR/JPY – Buy again at 116.60Similar thing happened here in EUR/JPY as the currency pair dropped briefly to 115.92 last Friday after the release of U.S. NFP data but euro found renewed buying interest above previous support at 115.76 and has rebounded, retaining our mildly bullish view for test of resistance at 117.80, break there would add credence to our view that c leg of wave B has possibly ended at 113.41 and further gain to 118.60/65 (61.8% Fibonacci retracement of 121.84-113.41) would follow. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||
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