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Mid-Day Report: EUR/USD Shrugs off Poor Data, Breaks 1.45After some initial pressure, Euro shrugs off poor confidence data and resumes rally against the greenback in early US session. EUR/USD now takes out 1.45 level and recent rise is showing some sign of acceleration and could be heading to 1.5 psychological level. Dollar and yen both pare earlier gains. Data from US saw trade deficit narrowed to -45.6b in February while import price rose 2.7% mom in March. Canadian dollar is steady after BoC left rates unchanged at 1.00% as widely expected. Canadian trade balance came in at CAD 0B in February while new housing price rose 0.4%. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.4408; (P) 1.4446 (R1) 1.4471; More. EUR/USD's rally resumes after brief consolidations and reaches as high as 1.4518 in early US session. Recent rally has resumed and intraday bias is back on the upside for 61.8% projection of 1.2873 to 1.386 from 1.3427 at 1.5024, which is close to 1.5 psychological level. On the downside, below 1.4377 minor support will turn bias neutral again and bring consolidations. But downside is expected to be contained by 1.4247 resistance turned support and bring another rise. |
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Trade Idea Update: EUR/USD – Buy at 1.4450Euro's current rally above previous resistance at 1.4489 signals recent upmove is still in progress and further gain to 1.4545/50 (50% projection of 1.4152-1.4489 measuring from 1.4377) and possibly 1.4563 (1.618 times projection of 1.4152 to 1.4350 measuring from 1.4243) would be seen, however, near term overbought condition should prevent sharp move beyond 1.4600 and reckon 1.4625 would hold Trade Idea: EUR/JPY – Buy at 121.15Despite intra-day stronger-than-expected retreat to 120.16, as the single currency found good support there and has rebounded quickly, suggesting consolidation with upside bias would be seen for gain to 122.40/50, however, break of 123.33 (yesterday's high) is needed to confirm upmove has resumed and extend gain to 124.00 and possibly eventual upside target at 124.75 (1.236 times projection of 106.50 to 115.56 measuring from 113.55). Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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