Action Insight Market Overview	Markets Snapshot
Euro Retreats from 3-week High ahead of Eurozone GDP The single currency retreated from 3-week high against the greenback as some traders booked profit on their long euro position ahead of the meeting between French President Sarkozy and German Chancellor Merkel. The meeting will be held in Paris and is scheduled to start at 1400 GMT, followed by a joint news conference at 1600 GMT. As indicated in our previous update that Eurobonds will not be discussed in the summit, investors bet the meeting will be very much non-event and only the two leaders may only talk about improving economic governance, so no specific measures will be announced to deal with the regional debt crisis contagion. Full Report Here...
Featured Technical Report
EUR/JPY Daily Outlook Daily Pivots: (S1) 109.94; (P) 110.49; (R1) 111.49; More Intraday bias in EUR/JPY remains neutral for the moment. While recovery from 108.01 might extend further, we'd continue to expect upside to be limited by 111.23 minor resistance and bring fall resumption. Below 109.62 minor support will flip bias back to the downside. Further break of 108.01 will extend the whole decline from 123.31 towards 105.42/106.28 support zone. On the upside, above 111.23 will bring stronger rebound. But after all, we'd stay cautiously bearish as long as 114.17 resistance holds and expect more downside ahead. Read more... EURUSD Technical Outlook USDJPY Technical Outlook GBPUSD Technical Outlook USDCHF Technical Outlook USDCAD Technical Outlook AUDUSD Technical Outlook EURJPY Technical Outlook EURGBP Technical Outlook EURCHF Technical Outlook GBPJPY Technical Outlook

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GMT Ccy Events Actual Consensus Previous Revised 1:30 AUD RBA Minutes 6:00 EUR German GDP Q/Q Q2 P 0.10% 0.50% 1.50% 1.30% 8:30 GBP DCLG UK House Prices Y/Y Jul -1.60% 8:30 GBP CPI M/M Jul -0.10% -0.10% 8:30 GBP CPI Y/Y Jul 4.30% 4.20% 8:30 GBP Core CPI Y/Y Jul 3.00% 2.80% 8:30 GBP RPI M/M Jul -0.20% 0.00% 8:30 GBP RPI Y/Y Jul 5.00% 5.00% 9:00 EUR Eurozone GDP Q/Q Q2 P 0.30% 0.80% 9:00 EUR Eurozone Trade Balance (EUR) Jul 0.0B -0.6B 12:30 CAD Manufacturing Shipments M/M Jun -0.50% -0.80% 12:30 USD Import Price Index M/M Jul -0.10% -0.50% 12:30 USD Housing Starts Jul 600K 629K 12:30 USD Building Permits Jul 605K 617K 13:15 USD Industrial Production Jul 0.50% 0.20% 13:15 USD Capacity Utilization Jul 76.90% 76.70%
Forex Trade Ideas
Trade Idea: EUR/USD – Hold long entered at 1.4375 Although the single currency retreated in part due to the release of lower-than-expected German GDP data, as long as the Kijun-Sen (now at 1.4370) holds, consolidation with upside bias remains for a test of the Tenkan-Sen (now at 1.4411), break there would suggest the pullback from yesterday’s high of 1.4477 has possibly ended and bring a subsequent retest of this level. Read more... Trade Idea: USD/JPY – Hold long entered at 76.55 Despite yesterday’s retreat from 77.10 to 76.59, as the greenback has rebounded, retaining our view that further consolidation would take place but a break of said resistance at 77.10 is needed to suggest low is possibly formed at 76.30, then test of previous resistance at 77.23 would follow. Once this resistance is cleared, this would add credence to this view, bring retracement of recent decline towards resistance at 77.86 later. Read more... Candlesticks Intraday Trade Ideas Update Schedule (GMT): 1st Update: 0630 - 0700; 2nd Update: 0930 - 1000; 3rd Update: 1230 - 1300; 4th Update: 1500 - 1530 Pairs Covered: EUR/USD, USD/JPY, GBP/USD, USD/CHF Elliott Wave Daily Trade Ideas Update Schedule (GMT): AUD/USD, EUR/JPY: 0800 - 0830; EUR/GBP, USD/CAD: 1430 - 1500
Suggested Readings
Fundamental Highlights Euro Slips Ahead Of The Franco-German Summit UK Inflation Target Abandoned As Recession Fears Dominate Asia Session: Euro Holds Gains Ahead Of Summit 'Risk on' Relief Rally Continues Daily Financial Market Outlook USD Mostly Softer As Risk Sentiment Advances Preview of Euro-zone GDP: Can Euro Holds Its Momentum ECB Reveals Amounts of Spanish/Italian Debt Purchases Euro Area: The ECB's Buying of Italy So Far a Success Technical Highlights Euro Eases Down After German 2nd Qtr GDP Foreign Exchange Market Commentary Euro Swiss Fell To 1.1180 In Early Europe Daily Technical Analysis The Daily Forecaster: GBPUSD