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Daily Report: Euro Mildly Lower On Debt Worries, But Downside LimitedEuro opens the week mildly week against dollar and yen as last week's retreat continues. There were more talks on restructuring Greek debts over the weekend. In Germany, Deputy Foreign Minister Werner Hoyer said a Greek sovereign debt restructuring 'would not be a disaster'. Hoyer added, 'whether all [the efforts to reform] this is enough, whether the results will be there soon enough, is a different question. We are looking at the economic developments, the fiscal developments in Greece and we are worried'. Debt crisis in the region is reemerging. The situation in Greece remains fragile after it received a bailout from the EU and the IMF last year. Markets are concerned that the fates of Ireland and Portugal may be similar despite bailouts. Finland's situation also gives Euro some mild pressure after the True Finns party wont 19% of the vote in the weekend's election. The party is know to be against bailouts for deeply-indebted Eurozone counterparts. The increase change for becoming part of coalition government now also raises changes of opposition to further bailouts and could theoretically prevent EU from granting new rescues. |
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| Featured Technical Report | |
GBP/JPY Daily OutlookDaily Pivots: (S1) 134.95; (P) 136.00; (R1) 136.72; More GBP/JPY's pull back from 139.99 extends further today and dips to 134.86 so far. Intraday bias remains mildly on the downside for further decline. But still, downside is expected to be contained by above 132.96 resistance turned support and bring rally resumption. Above 137.62 will flip bias back to the upside to retest 139.99 first. Break will target 50% retracement of 163.05 to 122.40 at 142.72 next. |
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Trade Idea: USD/CHF – Hold long entered at 0.8930As the greenback has rebounded after holding above Friday's low at 0.8916, retaining our view that a temporary low has possibly been formed at 0.8896 last week and consolidation with mild upside bias is seen for retracement of recent decline to 0.8990/95 but break there is needed to add credence to this view and bring stronger rebound to previous support at 0.9020 but reckon previous support at 0.9059 would hold. Trade Idea: USD/JPY – Buy at 82.20Euro's intra-day retreat suggests a temporary top has possibly been formed at 0.8924 yesterday and as long as this level holds, consolidation with mild downside bias is seen for retracement to minor support at 0.8793, break there would add credence to this view and correction to 0.8750 would follow, however, support at 0.8715 (last week's low) should remain intact, bring another upmove later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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