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Mid-Day Report: Euro Retreats from 2-weeks High on Weekend Profit TakingThe single currency slipped from 2-week high of 1.4440 in European session as investors calmed down after yesterday's announcement from EU leaders of the second bailout package for Greece which included measures to prevent debt crisis from spreading to other European countries, people started to focus on how this new plan to be implemented and see the effectiveness of the measures on stopping the debt crisis contagion. The release of slightly weaker-than-expected German IFO index also caused traders booking profit on their long euro positions, July IFO business climate at 112.9 versus forecast of 113.6, current assessment at 121.4 versus forecast of 122.2 and finally expectations index at 105.0 against consensus of 105.1. Some stops below 1.4370 and 1.4350 were triggered but buying interest from Asian sovereign names is tipped at 1.4300-10 with more stops placed below 1.4290. |
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| Featured Technical Report | |
USD/CAD Mid-Day OutlookDaily Pivots: (S1) 0.9405; (P) 0.9449; (R1) 0.9475; More. The break of 0.9520 minor resistance suggests that a temporary low is formed at 0.9423. Intraday bias is turned neutral and some consolidations would be seen first. But upside is expected to be limited by 0.9635 resistance and bring fall resumption. Below 0.9423 will target 61.8% projection of 1.0671 to 0.9444 from 0.9912 at 0.9154. |
| Featured Technical Report |
EU Delivers New Funding Plan For Greece, Extends EFSFThe EU summit ended with new measures to fund Greece and stabilize the sovereign crisis in the Eurozone as a whole. The result surprised to the upside as it delivered plans to provide liquidity to Greece and to substantially improve the country's public finance. The leaders also agreed on an ambitious reform of the EFSF, making it more flexible and effective, Yet, the drawback is that the document did not provide enough details on the reform of the EFSF. |
| Economic Indicators Update |
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Trade Idea Update: GBP/USD – Buy at 1.6220As the British pound has retreated after faltering below intra-day high of 1.6341, retaining our view that minor consolidation would take place and pullback to 1.6251/57 (current level of the Kijun-Sen and 38.2% Fibonacci retracement of 1.6121 to 1.6341) cannot be ruled out, however, 1.6200-05 (previous resistance and 61.8% Fibonacci retracement) should hold and bring another rise later. A break of said resistance would extend recent upmove from 1.5781 low towards 1.6378 Trade Idea Update: EUR/USD – Buy at 1.4310As the single currency has fallen again after faltering below intra-day high of 1.4440, retaining our view that consolidation below this resistance would take place and pullback to 1.4332 (38.2% Fibonacci retracement of 1.4139-1.4440) cannot be ruled out, however, renewed buying interest should emerge around the Kijun-Sen (now at 1.4304) and bring another rise later. A break of said resistance would extend recent upmove from 1.3838 to 1.4459 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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