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Daily Report: Euro Pressured as Greece Situation Remains UnresolvedEuro is back under pressure the uncertainties over the Greece situation remains unresolved. While the privatization proposal was approved, there is still a political hurdle to overcome before getting the new EUR 6b austerity plan approved. And, there are rumors of the Greek government wanting to call a snap election. The deadlock could jeopardize both payments of the next installment of EUR12b due in June as well as talks over a second bailout of EUR 60b. Another big question is whether Greece would finally need to structure its debt and what would be ECB's eventually response if that happens. Also, restructuring of Greek debt would open the door for more problems of Irish and Portuguese restructuring. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 114.79; (P) 115.48; (R1) 116.24; More EUR/JPY's recovery was limited by 4 hours 55 EMA and weakens but downside is still contained above 113.39/54 support. Intraday bias remains neutral and some more sideway consolidations could still be seen. On the downside, sustained trading below 113.54 support will indicate that whole rebound from 106.57 has indeed completed at 123.31 already. In such case, further fall should be seen to retest 106.57 low next. On the upside, however, break of 117.57 resistance will argue that choppy decline from 123.31 has already finished. Also, this will indicate that rise from 106.57 is not completed and turn focus back to 121.82 resistance. |
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Trade Idea: GBP/USD –Hold short entered at 1.6205Although cable surged yesterday to as high as 1.6210, as the British pound met renewed selling just above the Ichimoku cloud top and has retreated, retaining our bearishness and test of the Ichimoku cloud bottom (now at 1.6116) is seen but break of 1.6100 is needed to signal the rebound from 1.6055 (yesterday's low) has ended and bring resumption of decline for a retest of this level, otherwise, further choppy trading would take place. Trade Idea: EUR/USD – Sell at 1.4100Despite yesterday's rebound to 1.4133 in part due to cross-buying against Japanese yen, as the single currency has retreated, suggesting the recovery from 1.3968 (this week's low) has possibly ended there and consolidation with downside bias is seen for test of yesterday's low at 1.4002, break there would confirm recent decline has resumed for a retest of 1.3968. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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