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Daily Report: Euro Mildly Firmer ahead of Greece Confidence VoteEuro is a bit firmer today as markets focus is on confidence vote in Greece. After a three day parliamentary debate, Greek Prime Minister George Papandreou faces a vote in confidence in his government today. In order to secure political support, Papandreou reshuffled his cabinet last week and replaced finance minister George Papaconstantinou with heavy weight Evangelos Venizelos, once a rival within the ruling party. It today's vote is passed, the Greek parliament is expected to vote on the new austerity measures on June 28. And if everything's smooth, Eurozone finance ministers will approve the next tranche of the bailout fund of EUR 12b on July 3 for Greece to satisfy rollover payments of maturing debts in mid July and ease the short term situation till September. |
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EUR/CHF Daily OutlookDaily Pivots: (S1) 1.2033; (P) 1.2086; (R1) 1.2156; More EUR/CHF continues to stay in tight range above 1.1946 temporary low and intraday bias remains neutral for the moment. Some more consolidations could still be seen. But as noted before, outlook remains bearish as long as 1.2254 resistance holds and recent decline is still expected to continue. Sustained trading below 1.2 psychological level should pave the way to 100% projection of 1.3833 to 1.2399 from 1.3243 at 1.1809 next. Though, above 1.2254 resistance will indicate short term bottoming, on bullish convergence condition in 4 hours MACD and would bring stronger rebound towards towards 55 days EMA (now at 1.2474). |
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Trade Idea: USD/CHF – Hold short entered at 0.8460Although the greenback rebounded after yesterday’s fall to 0.8408, as dollar met renewed selling interest right at the Ichimoku cloud bottom and has retreated, retaining our bearishness for the fall from 0.8552 to extend weakness towards support at 0.8348. Having said that, a break of this support is needed to confirm correction from 0.8327 has ended and bring a subsequent retest of this level. Trade Idea: EUR/USD – Buy at 1.4255As the single currency has continued to edge higher, suggesting a temporary low has indeed been formed at 1.41073 last week and retracement of recent decline to 1.4385 (50% Fibonacci retracement of 1.4696-1.4073) and then 1.4400 would be seen, however, reckon 1.4458 (61.8% Fibonacci retracement) would hold from here due to near term overbought condition, bring another decline later this week. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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