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| Action Insight Market Overview | Markets Snapshot |
Euro Stabilized as ECB Said Cyprus Not a TemplateEuro stabilized even though it remains soft today. ECB officials jumped in with comments on market's concern that Cyprus deal is a template for other Eurozone countries. ECB Executive Board member Coeure simply said that "Mr. Dijsselbloem was wrong to say what he said". ECB Governing Council member Nowotny also noted that Cyprus is a "special case" and "it is no model for other instances." Overall, European major indices are nearly flat at the time of writing. Meanwhile Euro is hovering in tight range around 1.285 against dollar. The common currency is still vulnerable to another round of selloff.Full Report Here... |    |
| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.9391; (P) 0.9444; (R1) 0.9537; More...Intraday bias in USD/CHF remains mildly on the upside for 0.9566 resistance. Break will resume whole rebound from 0.9021. As noted before, such rise from 0.9021 is viewed as the second leg of the sideway pattern from 0.9971 and should then target 61.8% retracement of 0.9971 to 0.9021 at 0.9608 and above. We'll stay cautiously bullish as long as 0.9352 minor support holds. Read more... |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency traded narrowly as traders consolidate yesterday’s selloff from 1.3050 to 1.2832 and further consolidation is in store. At the moment, offers are reported at 1.2885, 1.2900 and also at 1.2940-50, some stops are placed at 1.2985 but sell orders are tipped at 1.3000 and 1.3025-30. On the downside, bids from Asian sovereign names remain at 1.2840-45 and also in good size from 1.2830 down to 1.2800 (option barrier) with sizeable stops expected below figure.Read more... | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: EUR/USD – Sell at 1.2950Although euro has recovered from 1.2832, yesterday’s selloff below previous support at 1.2844 signals recent decline from 1.3711 top has resumed and further weakness to 1.2820 and possibly 1.2800 would be seen, however, near term oversold condition should prevent sharp fall below 1.2770-75 and reckon 1.2750 would hold from here, risk from there is seen for a corrective rebound to take place later.Read more... Trade Idea: EUR/JPY – Target met and turn long at 119.20The single currency tumbled yesterday after meeting renewed selling interests at 123.85 yesterday and our short position entered at 123.30 met target at 121.30 with 200 points profit, adding credence to our near term bearishness for the c leg of wave iv to bring weakness to 120.00 and possibly to 119.10-20, however, reckon support at 118.80 would limit downside and bring rebound later. Above 122.00-10 would bring rebound to 122.85-90 but break there is needed to suggest low is possibly formedRead 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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