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Daily Report: Euro Rises again as German and French Leaders Reached Joint Position on Greek Bailout PackageThe single currency moved higher again for the third consecutive day this week as the two biggest economy in eurozone, Germany and France reached a common position on how to handle the second Greek bailout plan after a 7-hour talk between French President Nicolas Sarkozy and German Chancellor Merkel in Berlin yesterday (ECB’s Trichet and EU President Herman van Rompuy also joined the talk by telephone), it seemed that it is getting closer and closed for the EU leaders to settle an agreement (involving 71 billon euro in new aid and 50 billion euro of a bank levy according to a source from news agency) after today’s summit meeting. |
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| Featured Technical Report | |
EUR/USD Daily OutlookDaily Pivots: (S1) 1.4152; (P) 1.4196 (R1) 1.4258; More. Break of 1.4282 resistance indicates that rise from 1.3837 has resumed and intraday bias is back on the upside for 1.4577 key near term resistance next. Decisive break of 1.4577 will indicate that the whole correction pattern from 1.4939 has completed with three waves down to 1.3837. In such case, the medium term rally should be resuming for 1.5 and above. On the downside, below 1.4014 will bring another fall. But after all, we'd expect strong support from medium term trend line (now at 1.3783) to contain downside to finish the corr3ection from 1.4939. |
| Featured Technical Report |
BOE Signaled To Keep Rates Low For Longer Than ExpectedThe BOE unveiled in minutes for the July meeting that members voted 7-2 to keep the Bank rate at 0.5%. Spencer Dale and Martin Weale favored raising interest rates while Adam Posen called for additional easing beside the existing asset-buying package of 200B pound. The outcome was similar to previous months and was widely anticipated. The central bank saw weakening in economic outlook in the third quarter and reiterated the stance that current inflationary pressures are temporary. Interest rates will likely stay low for longer than previously expected. |
| Economic Indicators Update |
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Trade Idea: USD/CHF – Sell at 0.8250Although the greenback has rebounded after overnight fall to 0.8178-79, if our view that a top has possibly been formed at 0.8278 is correct, upside should be limited to 0.8250 and bring another retreat later, below said support would add credence to this view and extend weakness to previous minor support at 0.8152, break there would confirm and bring further fall to 0.8120 and possibly towards 0.8100 Trade Idea: GBP/USD – Stand asideAlthough cable has risen in tandem with euro and marginally penetrated previous resistance at 1.6195, near term overbought condition should prevent sharp move beyond 1.6212 (50% projection of 1.5781-1.6195 measuring from 1.6005) and reckon the upmove from 1.5781 may be limited to 1.6261-64 (61.8% projection and 50% Fibonacci retracement of 1.6747-1.5781), bring retreat later today. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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