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| Action Insight Market Overview | Markets Snapshot |
Euro Retreats on Political UncertaintiesEuro retreats broadly as traders are lightening up positions ahead of ECB meeting later this week. Also, the common currency is somewhat weighed down by political uncertainties in Spain and Italy. Spanish prime minister Rajoy faced opposition calls to resign as it's reported that his part received illegal payments. Rajoy denied the talk over the weekend. In Italy, a recent poll showed that former prime minister Berlusconi closed the gap with front runner Bersani ahead of the election this month. And the situation threatens the chance for Bersani to have a clear majority win. Meanwhile, France finance minister Moscovici said that "the euro is stable, it is strong, and perhaps too strong in some respects. data front Eurozone saw UK PPI unchanged at 2.1% yoy in December. Sentix investor confidence improved less than expected to -3.9 in February.Full Report Here... |    |
| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3572; (P) 1.3642 (R1) 1.3712; More.....Intraday bias in EUR/USD remains neutral and more consolidative trading could be seen below 1.3710 temporary top. But downside should be contained above 1.3403 resistance turned support and bring another rally. Above 1.3710 will extend recent rally to 100% projection of 1.2042 to 1.3171 from 1.2661 at 1.3790 next. Read more... |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency continued to head lower after retreating sharply from Friday's high of 1.3711 as traders unwinding their longs in euro ahead of U.S. data, bids at 1.3585-90 and stops below 1.3570-80 were cleared, combination of bids and stops at 1.3540-50 is now in focus but fresh demand should emerge around 1.3490-1.3510 area with more stops tipped below 1.3480, some bigger sell stop orders are placed below 1.3450 as well as 1.3400-10. On the upside, offers are lowered to 1.3595-00 and also in good size at 1.3630-40, some stops are building up above 1.3660-70, defensive offers in good size remain at 1.3700 with sizeable stops building up above 1.3715 and 1.3755-60.Read more... | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: GBP/USD – Sell at 1.5800Although cable’s selloff from last week’s high of 1.5879 to 1.5683 signals correction from 1.5674 has ended there, current rebound after holding above said recent low suggests consolidation would be seen and test of the Kijun-Sen (now at 1.5764) cannot be ruled out, however, the Ichimoku cloud bottom (now at 1.5805) should limit upside and bring another decline later. A break of 1.5683 would bring a retest of previous support at 1.5674Read more... Trade Idea: EUR/JPY – Buy at 124.85Last week’s rally signals recent upmove is still in progress and further gain to 127.05-10 (100% projection of 117.07-122.91 measuring from 121.22), then 127.50 would be seen, however, reckon upside would be limited to 128.00 due to near term overbought condition and price should falter below 128.50, risk from there is seen for a minor correction to take place 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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