Euro Rebounds as Selective Greek Default Ruled Out

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Mid-Day Report: Euro Rebounds as Selective Greek Default Ruled Out Although the single currency extended weakness to a fresh 4-month low against the greenback and Japanese yen on growing concerns that eurozone's debt crisis would spread to Italy, euro recovered as Luxembourg Finance Minister Luc Frieden said selective default on Greek debt is not an option seen by eurozone finance ministers. EU leaders would hold an additional summit on Friday to discuss the debt crisis. There are also talks that the ECB and Asian sovereign name (rumors to be China) were seen buying peripheral debt which indirectly supported the single currency, euro quickly bounced from 4-month low of 1.3838 to above 1.4000. Full Report Here...
Featured Technical Report
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.3930; (P) 1.4078 (R1) 1.4171; More. EUR/USD dips to as low as 1.3837 before recovering mildly. Intraday bias remains on the downside with 1.4061 minor resistance intact. As noted before, whole correction from 1.4939 has resumed and further decline would be seen to medium term trend line support (now at 1.3725). On the upside, above 1.4061 minor resistance will turn bias neutral and bring consolidations. But risk will remain on the downside as long as 1.4577 resistance holds. Read more... EURUSD Technical Outlook USDJPY Technical Outlook GBPUSD Technical Outlook USDCHF Technical Outlook USDCAD Technical Outlook AUDUSD Technical Outlook EURJPY Technical Outlook EURGBP Technical Outlook EURCHF Technical Outlook GBPJPY Technical Outlook

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GMT Ccy Events Actual Consensus Previous Revised 23:01 GBP BRC Retail Sales Monitor Y/Y Jun -0.60% -1.40% -2.10% 23:01 GBP RICS House Price Balance Jun -27.00% -25.00% -28.00% 23:50 JPY Tertiary Industry Index M/M May 0.90% 0.70% 2.60% 2.50% 23:50 JPY Domestic CGPI Y/Y Jun 2.50% 2.40% 2.20% 00:30 AUD NAB Business Confidence Jun 0 6 00:00 JPY BoJ Rate Decision 0.10% 0.10% 0.10% 06:00 EUR German CPI M/M Jun F 0.10% 0.10% 0.10% 06:00 EUR German CPI Y/Y Jun F 2.30% 2.30% 2.30% 08:30 GBP CPI M/M Jun -0.10% 0.20% 0.20% 08:30 GBP CPI Y/Y Jun 4.20% 4.50% 4.50% 08:30 GBP Core CPI Y/Y Jun 2.80% 3.30% 3.30% 08:30 GBP RPI M/M Jun 0.00% 0.30% 0.30% 08:30 GBP RPI Y/Y Jun 5.00% 5.20% 5.20% 08:30 GBP DCLG House Prices Y/Y May -1.60% -0.30% 08:30 GBP Visible Trade Balance (GBP) May -8.5B -7.3B -7.4B -7.6B 12:30 CAD International Merchandise Trade (CAD) May -0.8B -0.9B -0.9B 12:30 USD Trade Balance May -50.2B -$44.0B -$43.7B 18:00 USD FOMC Minutes
Forex Trade Ideas
Trade Idea Update: USD/CHF – Sell at 0.8440 Despite intra-day brief fall to 0.8314, as the greenback has rebounded after holding above support at 0.8276, suggesting consolidation would be seen and mild upside bias is seen for retracement to intra-day high of 0.8400, however, the Ichimoku cloud top (now at 0.8440) should limit upside and bring another decline later. A break of said support at 0.8314 would extend weakness towards recent low of 0.8276 Read more... Trade Idea: EUR/JPY – Sell at 112.95 This week’s selloff adds credence to our view that the 2nd c leg of the abc-x-abc correction from 123.33 is still in progress and further weakness to 109.50 would be seen, however, near term oversold condition should limit downside to 109.00 and reckon 108.50 would hold from here, bring rebound later. Read more... Candlesticks Intraday Trade Ideas Update Schedule (GMT): 1st Update: 0630 - 0700; 2nd Update: 0930 - 1000; 3rd Update: 1230 - 1300; 4th Update: 1500 - 1530 Pairs Covered: EUR/USD, USD/JPY, GBP/USD, USD/CHF Elliott Wave Daily Trade Ideas Update Schedule (GMT): AUD/USD, EUR/JPY: 0800 - 0830; EUR/GBP, USD/CAD: 1430 - 1500
Suggested Readings
Fundamental Highlights Euro Debt Crisis Watch Out to Lunch Euro Trying to Make a Stand after Further Plunge U.S. Trade Deficit Widened More than Expected in May Canada's May Merchandise Trade Balance Improves Marginally Making the U.S. Dollar Safer: Return of Your Money EUR Stabilizes on Talk of Central Bank Buying of Periphery Bonds Technical Highlights USD/CAD Rejected at 0.9775; Waiting on an Oil Rally to Accelerate Decline EUR/USD: In Correction from 200-Period Moving Average Support; 1.4070-1.41 is Resistance USD/JPY Hammering at 79.56 Pivot to Open Way for 78.00, 76.00 GBPUSD - Pressured To The Downside On Continued Weakness