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Mid-Day Report: Euro Recovers, Troika Heading to GreeceEuro dipped earlier today as EU Finance Ministers delayed approval of the next tranche of bailout fund for Greece. But loss was limited and the common currency is trying to stage a rebound in early US session. Eurogroup Chairman Jean-Claude Juncker said that Greece's debt is clearly "sustainable" but "the debt will only remain sustainable if Greece fulfils all its commitments which it agreed with the (ECB/EU/IMF) troika." The investigation team will visit Greece on Tuesday and Wednesday and would discuss changes with the Greece government "at a technical levels". That would include a spending cuts, tax hikes and propitiations. EU/IMF will verify whether the committed conditions have be met on July 3 and approve the payment then. EU Economic and Monetary Affairs Commissioner Olli Rehen also emphasized that "the key condition is that the Greek parliament needs to endorse the medium term... and the privatization programme before the end of June. Once this is done the disbursement will be done in time..." |
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EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.4175; (P) 1.4257 (R1) 1.4387; More. EUR/USD's retreat was quite brief today and the pair recovers strongly in early US session. As noted before, fall from 1.4695 should have completed at 1.4073 already. Above 1.4339 will bring stronger rise towards upper trend line resistance (Now at 1.4605). Also, note that EUR/USD is possibly forming a triangle pattern inside converging range of 1.3969/4939. An upside break out will be mildly in favor as long as 1.3969 support holds. Further break of 1.4695 resistance will be the first signal of up trend resumption for another high above 1.4939. On the downside, though, below 1.4073 will flip bias back to the downside for 1.3969 and below instead. |
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Trade Idea Update: GBP/USD – Sell at 1.6220Cable’s rebound after intra-day brief drop to 1.6109 has retained our view that further consolidation above last week’s low of 1.6078 would be seen and another corrective bounce to 1.6200 is likely, however, 1.6225-28 (previous resistance and current level of the Ichimoku cloud top) should limit upside, bring another decline later. A break of 1.6094 would bring resumption of recent decline for retest of 1.6078, then 1.6046-55 Trade Idea: AUD/USD – Sell at 1.0660Although the Australian dollar retreated after meeting resistance at 1.0636 and weakness to last week’s low at 1.0478 cannot be ruled out, break of support at 1.0440 is needed to signal a downside break of recent 1.0440-1.0775 range has taken place (which also means the b leg correction from 1.0440 has ended), bring further weakness in c leg for a stronger retracement of recent upmove to previous support at 1.0390 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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