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Mid-Day Report: Euro Tumbles as Trichet Doesn't Turn More HawkishEuro tumbles sharply after ECB Trichet signaled that the bank is in no hurry to raise rates from the current record low level. ECB left the policy rates unchanged at 1.0% today as widely expected and Trichet said that it remains "appropriate" in spited of recent jump in energy prices. While Trichet pledged to monitor price developments closely, he also emphasized that the developments "These developments have not so far affected our assessment that price developments will remain in line with price stability over the policy-relevant horizon." This disappointed euro bulls who expected some thing more hawkish from ECB after CPI stayed above ECB's target of 2% for a second month in January. |
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| Featured Technical Report | |
EUR/JPY Mid-Day OutlookDaily Pivots: (S1) 112.23; (P) 112.57; (R1) 112.95; More EUR/JPY's sharp fall in early US session suggests that pull back from 114.40 is resuming. Intraday bias is mildly on the downside for 111.41 first. Break will target 100% projection at 110.31. But still, we'd expect downside to be contained by 109.56 cluster support (61.8% retracement of 106.81 to 114.00 at 109.55) and bring rally resumption. The broader outlook remains unchanged that rise from 106.81 is the third leg of the consolidation pattern from 105.42. Above, 112.90 will flip intraday bias back to the upside. Break of 114.00 will target 115.65 and then 100% projection of 105.42 to 115.65 from 106.81 at 117.04. |
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Remark: Due to Chinese New Year holidays, next Candlesticks and Ichimoku Trade Idea update will be made on Monday 7 Feb. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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