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Daily Report: Euro Soft, Eyes on Greece AuctionEuro remains soft after markets eyes are now on Greece's auction of 6-month T-bills today. Greece is seeking to raise EUR 1.25b and markets will be closely watching the result of today's auction as an indication of Greece's ability to raise short-term money. S&P downgraded Greece's credit rating by 2 notches to B yesterday, the lowest rating among European countries, from BB- after a meeting by European finance officers unveiled that Greece may be allowed to extend the debt payment maturities of the 80B euro bailout plan. The agency said that 'as part of such an extension', the Eurozone creditor governments would "likely seek 'comparability of treatment' from commercial creditors in the form of their similarly extending bond and loan maturities". |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 114.77; (P) 115.62; (R1) 116.22; More EUR/JPY dips further to as low as 114.79 so far and met mentioned 100% projection of 123.31 to 116.46 from 121.82 at 114.97, 50% retracement of 106.57 to 123.31 at 114.94. Further decline is still in favor with 117.57 minor resistance intact and focus will remain on 113.54 support. Decisive break there will indicate that whole rebound from 106.57 has completed at 123.31 already and will bring deeper fall to retest this low next. Though, strong rebound above there, will retain the bullish case that rebound from 106.57 is still in progress. Above 117.57 will flip bias back to the upside for 121.82 resistance first. |
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Trade Idea Update: GBP/USD –Buy at 1.6315Despite yesterday's resumption of decline to 1.6270, the subsequent rebound from there to 1.6422 (intra-day high) reinforces our view that temporary low has possibly been formed there and consolidation above this level would take place with mild upside bias. Above said resistance would bring a test of the Ichimoku cloud top (now at 1.6444) but break there is needed to bring retracement of the entire decline from 1.6747 top Trade Idea: EUR/USD – Hold long entered at 1.4275Although the single currency resumed last week's decline from 1.4940 top to as low as 1.4254 yesterday, the subsequent anticipated rebound suggests consolidation above this level would take place and mild upside bias remains for another test of intra-day resistance at 1.4378, break there would bring retracement to the Ichimoku cloud bottom (now at 1.4404) but reckon yesterday's high at 1.4443 would hold from here. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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