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Daily Report: Euro at 4-Month Low on Dears of Debt Crisis Spreading to ItalyThe greenback benefited from euro's broad-based weakness and dollar index hit a 3 ½ month high of 76.37 whilst the single currency dived to a 4-month low of 1.3933 versus the buck and a record low of 1.1660 against the Swiss franc in Asia. Fears of the sovereign debt crisis of Greece was spreading to Italy continued to weigh on euro, the single currency already under pressure as there was no new measures out of the emergency meeting by European financial officials to solve eurozone's debt problem, it caused growing concerns over the debt of countries like Italy and Spain, Italian bonds were sold heavily in this week (the spread between the 10-year Italian bond yield and German bonds widened to beyond 300 basis points the day before from 180 basis points at the beginning of the month). |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 111.65; (P) 113.21; (R1) 114.07; More EUR/JPY's accelerates further to as low as 111.10 so far today and break mentioned target of 61.8% projection of 123.31 to 113.41 from 117.74 at 111.62. At this point, intraday bias remains on the downside and EUR/JPY should now target 100% projection at 107.84. Break will put key support level at 105.42 into focus. On the upside, above 112.33 minor resistance will turn bias neutral and bring recovery first. But upside should be limited by 113.49 support turned resistance and bring fall resumption. |
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Trade Idea: GBP/USD – Sell at 1.5930Although the British pound has remained under pressure after breaking indicated support at 1.5881-82 (61.8% Fibonacci retracement of 1.5345-1.6747 and yesterday’s low), near term loss of downward momentum should prevent sharp fall below 1.5815/23 (61.8% projection of 1.6078-1.5882 measuring from 1.5936 and 50% projection of 1.6547-1.5912 measuring from 1.6140) Trade Idea: EUR/USD – Sell at 1.4060Although the single currency slipped again after intra-day brief recovery to 1.4063, loss of near term downward momentum should prevent sharp fall below 1.3900 (50% Fibonacci retracement of 1.2860-1.4940) and risk has increased for a rebound later, above the Tenkan-Sen (now at 1.3989) would bring retracement towards 1.4061-63 (current level of the Kijun-Sen and intra-day high) where renewed selling interest should emerge, bring another decline later Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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