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Mid-Day Report: Euro Extends Rally Despite Greece DowngradeEuro shrugged off Greece downgrade and extends rally against dollar today. Moody's slashed Greek government bond ratings by three notches to B1 and warned of further cut. While Moody's acknowledged the progress of fiscal consolidation and structure reforms, it also warned that the changes are "very ambitious" and face "significant implementation risks. Five year CDS rose to above 1000 bps after the news while CDS on Spain and Portugal also rose. Fitch also changed Spain's rating outlook to negative last week. But the common currency manages to strengthen against dollar and is firm elsewhere on rate expectation after ECB Trichet signaled April rate hike is possible last week. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3948; (P) 1.3977 (R1) 1.4015; More. EUR/USD rises further to as high as 1.4035 so far today, just inch below 61.8% projection of 1.2873 to 1.3860 from 1.3427 at 1.4037. Intraday bias remains on the upside for further rally. Break of 1.4037 will extend the whole rise from 1.2873 towards 1.4281 key resistance next. On the downside, below 1.3940 minor support will turn bias neutral and bring retreat. Nevertheless, near term outlook will remain bullish as long as 1.3427 support holds. |
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Trade Idea Update: GBP/USD – Buy at 1.6260Despite intra-day strong rebound to 1.6342, as the British pound has retreated after faltering below previous resistance at 1.6344, suggesting further consolidation would take place and weakness to the Ichimoku cloud (now at 1.6274-81) is likely, however, support at 1.6235 should limit downside and bring another rise later. Above last week's high at 1.6344 would confirm upmove has resumed and extend gain towards 1.6390/00 Trade Idea Update: USD/JPY – Sell at 82.75Although dollar has recovered after intra-day fall to 81.95, as Friday's sharp retreat from 83.09 suggests top has been formed there, upside would be limited to the Kijun-Sen (now at 82.50) and said resistance would continue to hold, bring another decline later, however, a break of support at 81.73 is needed to confirm correction from last week's low at 81.57 has ended at 83.09 and bring resumption of decline Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||
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