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Daily Report: Euro Recovers Mildly as Greece Will Accelerate Asset Sales, Selling Focus Turning to SterlingEuro recovers after breaching 1.4 psychological level briefly yesterday. Sentiments stabilized a bit after Greek government endorsed an accelerated asset-sale plan and EUR 6b of budget cuts for getting extra financial aids after it's CDS and 10 year yield both jumped to record high. The sale of assets include stakes in Hellenic Telecommunications Organization SA by the end of next month and Public Power Corp SA, Hellenic Postbank SA, in a total market value of EUR 2.1b. Also, Greece said it would create a fund to accelerate the sales and intend to raise EUR 50b by 2015, including EUR 35b of real estate. The budget cut will worth around 2.8% of GDP for pushing down to 7.5% deficit target. |
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| Featured Technical Report | |
EUR/USD Daily OutlookDaily Pivots: (S1) 1.3961; (P) 1.4054 (R1) 1.4138; More. EUR/USD recovers mildly after hitting as low as 1.3969 but intraday bias remains on the downside and deeper decline is still in favor to 61.8% projection of 1.4938 to 1.4047 from 1.4344 at 1.3793 next. On the upside, break of 1.4344 resistance is needed to signal short term bottoming. Otherwise, outlook will remain bearish even in case of further recovery. |
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Trade Idea: USD/JPY – Hold short entered at 81.90Although the greenback has edged higher this morning to 82.09, as price has retreated after faltering below last week's high at 82.23, suggesting consolidation below this level would take place and mild downside bias remains for another retreat to support at 81.32, break there would add credence to our view that a temporary top has been formed at 82.23, bring retracement of recent upmove to previous support at 80.94 Trade Idea: EUR/USD – Sell at 1.4135Despite intra-day retreat to 1.4002, as the single currency has rebounded again, retaining our view that a minor low has been formed at 1.3968 yesterday and consolidation above this level would take place with mild upside bias for retracement towards 1.4132-39 (61.8% Fibonacci retracement of 1.4233 to 1.3968 and previous support) but renewed selling interest should emerge there, bring another decline. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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