| Action Insight Weekly Report | Markets Snapshot |
Risk Markets Rebounded But Held Below Resistance, Would the Rally Fade This Week?
Market sentiments had a drastic turn last week as boosted by talk of European bank capitalization plan, additional unconventional measures from ECB, expanding of quantitative easing from BoE as well as some positive flow of economic data. The development did suggest that risk selling passed through a near term climax earlier in the week. However, risk rally somewhat exhausted after the solid NFP release from US as well as after sovereign rating downgrade of European countries. The left key technical levels in most markets intact and thus, we're not confirmed of a near term trend change yet. Close attention should be initially this week on whether risk would extend the rally, or reverse to revisit recent lows.
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| Featured Technical Report |
EUR/USD Weekly Outlook
Despite initial dive to 1.3145, EUR/USD lost downside momentum and recovered since then. Note that while further recovery cannot be ruled out yet, near term outlook will remain bearish as long as 1.3689 resistance holds. Recent decline is still in favor to continue. Below 1.3241 minor support will flip bias back to the downside and should sent EUR/USD through 1.3145 to 161.8% projection of 1.4939 to 1.3969 from 1.4548 at 1.2979, which is close to 1.3 psychological level. However, break of 1.3689 will confirm short term bottoming, on bullish convergence condition in 4 hours MACD and should bring stronger rally to 1.3936 and above.
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