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Mid-Day Report: Euro Tumbles on Contagion Fears over European Debt CrisisThe single currency extended last week's fall and dived today throughout Asian and European sessions on rising concerns over spreading eurozone debt crisis, an emergency meeting was called in Brussels among top EU finance officials to discuss bailout plan for Greece (there are talks that EU leaders are prepared to accept Greece should default some of its bonds) and the rising threat of infection to Italy, the euro zone's third largest economy which has the highest sovereign debt ratio relative to its economy in the eurozone after Greece. |
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EUR/CHF Mid-Day OutlookDaily Pivots: (S1) 1.1824; (P) 1.1996; (R1) 1.2085; More EUR/CHF drops to new record low of 1.1693 so far today and the strong break of 1.1802 support confirms down trend resumption. Intraday bias remains on the downside and further fall should be seen to long term projection target at 1.1516 next. On the upside, above 1.1884 minor resistance will turn bias neutral and bring consolidations. But upside is expected to be limited well below 1.2344 resistance and bring fall resumption. |
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Trade Idea Update: EUR/USD – Sell at 1.4180Current selloff below indicated support at 1.4073 signals recent decline from 1.4580 is still in progress and weakness to 1.4000 is likely, however, near term oversold condition should prevent sharp fall below there and reckon previous support at 1.3969 would hold from here and risk from there has increased for a rebound later. Trade Idea: USD/CAD – Sell at 0.9740Although the greenback has continued to move higher after forming a temporary low at 0.9564 last Friday and retracement of the fall from 0.9914 (wave 4 top) to 0.9735-40 (50% Fibonacci retracement of 0.9914 to 0.9564) is likely, renewed selling interest should emerge there, bring another decline later. Below intra-day support at 0.9605 would suggest the rebound from 0.9564 has ended and bring a retest of this level Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||
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