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Daily Report: Euro Consolidates But Remains Vulnerable in Near TermEuro's decline halted and consolidates above last week's low against dollar, as well as other major currencies after rumors of Greece exit of Eurozone was denied vigorously by Greece and Germany over the weekend. Nevertheless, the common currency remains soft and vulnerable to another fall in near term. EU might be easing the terms of the 110B euro bailout offered to Greece last year and could require the country to provide collateral in exchange for additional bailout funds. More details will probably be given after the Eurogroup meeting on May 16. Meanwhile, Ireland, which accepted 85B euro funding from the EU and the IMF is watching the situation closely and would require change in terms for their funding should Greece get something better. The circle of European debt crisis is now starting over again from Greece. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 115.07; (P) 117.42; (R1) 118.71; More At this point, intraday bias in EUR/JPY remains on the downside with 117.57 minor resistance intact and current fall could extend through 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. Nevertheless, focus will remain on 113.54. 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. On the upside, above 117.57 minor resistance will turn bias neutral. Further break of 121.82 will indicate that rebound from 106.57 has resumed for another high above 123.31. |
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Trade Idea: USD/CHF – Buy at 0.8680 or sell at 0.8830Despite intra-day marginal rise to 0.8815 (Friday's high was 0.8800), lack of follow through buying and current retreat suggest consolidation below this level would take place and below the Kijun-Sen (now at 0.8737) would bring retracement towards support at 0.8677 (Friday's low) but the Ichimoku cloud top (now at 0.8666) should limit downside, bring another rise later. A break of said resistance would extend last week's upmove from 0.8554 low for one more rise towards previous resistance at 0.8835 Trade Idea: EUR/USD – Sell at 1.4535 or buy at 1.4285Although the single currency has rebounded after falling to 1.4315 last Friday and consolidation with mild upside bias is seen for retracement to the Kijun-Sen (now at 1.4448), reckon renewed selling interest would emerge around 1.4535/38 (38.2% Fibonacci retracement of 1.4900 to 1.4315) and bring another decline. A break of said support at 1.4315 would extend one more fall to 1.4285/90 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||
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