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Daily Report: Euro Recovers on Strong German and French GDPEuro is lifted mildly today as German GDP beat expectations and showed impressive growth of 1.5% qoq in Q1, comparing to 0.4% growth in Q4 of 2010. That figure was way better than market expectation of 0.9%. French GDP also beat expectation by growing 1.0% in Q1. EUR/USD is drawing support from 1.4157 cluster support level and is showing sign of near term bottoming. The current recovery would likely send EUR/USD through 1.43, and possibly to 1.44. But the near term test is on 1.4422 resistance as traders 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/JPY Daily OutlookDaily Pivots: (S1) 114.43; (P) 115.02; (R1) 115.88; More Deeper decline could still be seen in EUR/JPY with 117.57 resistance holds and main focus will remain on 113.54 support. As noted before, strong rebound from 113.54 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. However, decisive break of 113.54 will indicate that whole rebound from 106.57 has completed at 123.31 already and will bring deeper fall to retest this low next. |
| 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: USD/CHF – Hold short entered at 0.8870Despite yesterday's retreat from 0.8904 to 0.8826, as the greenback has rebounded after holding just above the Ichimoku cloud top, suggesting caution on our short position entered at 0.8870 earlier and intra-day resistance at 0.8877 needs to hold to retain near term bearishness for another retreat later today, below said intra-day support would bring retracement of recent rise to the Ichimoku cloud bottom (now at 0.8800), then test of support at 0.8783. Trade Idea: EUR/USD – Buy at 1.4200Despite intra-day retreat to 1.4185, the single currency has found renewed buying interest there and has rebounded again, suggesting further consolidation above yesterday's low of 1.4123 would take place with upside bias for a test of the Ichimoku cloud top (now at 1.4297), then to 1.4330/35 but reckon previous minor support at 1.4365/70 would cap upside. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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