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Daily Report: Euro Weak on Greece, Despite China SupportEuro remains weak and hovers around record low against Swiss franc as the week starts. Uncertainties in the Greece situation is still in traders' mind and is weighing on the common currency. The parliamentary approval of the new austerity measure later this week is expected by most, but the outcome is far from being certain. Greece deputy prime minister warned on Sunday that some lawmakers might block some of the reforms. Indeed, the situation will remain unclear as some lawmakers would refrain from making clear their stance until the last minute. And more importantly, traders are also lightening their bet as the Euro could have very different reactions to the vote outcome. Logically, parliamentary approval of the austerity should clear the hurdle for getting the next tranche of bailout from EU/IMF and should be Euro positive. But that could turn out to be a sell-on-news scenario in EUR/USD. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 113.93; (P) 114.67; (R1) 115.50; More EUR/JPY continues to consolidate above 113.49 temporary low and intraday bias remains neutral for the moment. Nevertheless, note that near term bearish outlook is also unchanged with 116.69 resistance intact and recent fall from 123.31 is still expected to resume sooner or later. Break of 113.41/49 support zone will target 61.8% projection of 121.83 to 113.41 from 117.88 at 112.67 first and then 100% projection at 109.46 next. On the upside, though, break of 116.69 will suggest short term bottoming and will turn focus to 117.88 resistance for confirmation. |
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Trade Idea: GBP/USD – Buy at 1.5875Although cable’s intra-day breach of previous support at 1.5938 suggests recent decline is still in progress and indicated downside target at 1.5919 (61.8% Fibonacci retracement of 1.5407 to 1.6747) has been met, loss of near term momentum should limit downside to 1.5875-85 (50% projection of 1.6263-1.5938 measuring from 1.6046) and bring rebound later. Above the Ichimoku cloud bottom (now at 1.6003) would suggest low is possibly formed Trade Idea: USD/JPY – Hold long entered at 80.30Despite Friday’s sharp fall to 80.13, as the greenback has found renewed buying interest there and has staged a strong rebound, retaining our view that further consolidation above last week’s low at 80.01 would take place and mild upside bias remains for further gain to resistance at 81.08, however, break there is needed to turn outlook bullish for test of next resistance at 81.33 but upside should be limited to another chart resistance at 81.77. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||
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