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Mid-Day Report: Euro Recovery Limited by Greece ConcernEuro was boosted earlier today by strong GDP readings from Germany and France. However, strength in the common currency is so far limited by worries on the Greece situation. ECB Governing Council member Nowotny was quoted saying that "Greece has apparently not fulfilled the conditions sufficiently of late. The issue of privatizations will be the most sensitive point here." This is somewhat confirming markets' view that short comings were found in Greece's implementation of the bailout requirements as EU and IMF started the inspection work this week. Investors would be cautious a head of Monday's meeting between Eurozone finance ministers on whether a substantial agreement on Greece would be reached remains in doubt. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.4152; (P) 1.4214 (R1) 1.4305; More. Intraday bias in EUR/USD remains neutral for the moment as it's still bounded in tight range between 1.4122/4422. As noted before, strong support from 1.4157 cluster support (38.2% retracement of 1.2873 to 1.4938 at 1.4149), followed by break of 1.4422 minor resistance will retain the bullish outlook and flip bias back to the upside for retesting 1.4938 resistance. However, sustained break of 1.4157 will indicate that whole rise from 1.2873 is finished and should bring deeper decline towards medium term channel at 1.3445 instead. |
| Special Report |
BOE See Growth Deteriorate, Inflation Remain Elevated In The Near-TermThe BOE unveiled in its quarterly inflation report that economic growth will likely deteriorate in the medium-term. Inflation will likely rise to +5% later this year and will stay above 2% throughout 2012. In the longer-term, the central bank believes inflation will eventually return to its target in 2013. |
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Trade Idea Update: EUR/USD – Buy at 1.4200Euro's intra-day rebound from 1.4185 to 1.4340 has retained our view that a temporary low has possibly been formed at 1.4123 yesterday and consolidation with mild upside bias remains for retracement to previous minor support at 1.4365/70, however, break there is needed to add credence to this scenario and bring a stronger correction to resistance area at 1.4423-43. Trade Idea: EUR/GBP – Sell at 0.8875Although the single currency to as low as 0.8674 yesterday, the subsequent rebound from there suggests the fall from 0.9043 has formed a low there and consolidation with mild upside bias is seen for test of 0.8811 resistance, break would add credence to this view and bring stronger rebound to 0.8859 (50% Fibonacci retracement of 0.9043 to 0.8674) but price should falter below 0.8902 (61.8% Fibonacci retracement), bring another decline later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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