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Mid-Day Report: Sentiments Stabilized on Talk of EFSF Extension and ECB Covered-Bond PurchaseThe week started with risk selling in Asian markets earlier today but sentiments then stabilized on news that EU is considering EFSF extension while ECB is considering repurchased of covered bonds. Major European indices turned positive after initial selloff while US indices open flat. More drastic movements are seen in precious metals where gold once dived to as low as 1535 but is back around 1620 level in early US session. In the currency markets dollar are stuck in range against Euro, Swiss Franc and yen and lacks follow through momentum to extend recent rise against commodity currencies. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3422; (P) 1.3494 (R1) 1.3570; More. Even though EUR/USD loses some downside momentum in early US session, with 1.3566 minor resistance intact, intraday bias remains on the downside and current call is still in progress for 61.8% projection of 1.4548 to 1.3498 from 1.3936 at 1.3287. Break there will target 161.8% projection of 1.4939 to 1.3969 from 1.4548 at 1.2979, which is close to 1.3 psychological level. On the upside, above 1.3566 minor resistance will turn bias neutral and bring consolidations. But recovery should be limited below 1.3936 resistance and bring fall resumption. |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: Despite intra-day brief fall to 1.3360, as the currency pair found decent demand from Asian CB and Eastern European names, euro staged a sharp rebound from there to as high as 1.3542, however, offers from various parties are still noted at 1.3560-70 with stops seen above there but fresh offers are likely to emerge around 1.3600. News that ECB is considering to start again bond purchases also seen supporting the single currency, bids are still noted at 1.3440-50, 1.3400 and further out at 1.3350-60 with stops seen below 1.3350 option expiry. | ||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: USD/CHF – Hold long entered at 0.9030Despite intra-day fall to 0.9006, as dollar has rebounded after holding above previous support at 0.8996, suggesting as long as this level holds, consolidation with upside bias remains for another rebound to 0.9090/00, however, break of intra-day high of 0.9144 us needed to signal correction from 0.9183 has ended and bring resumption of recent upmove for a retest of 0.9183 first, break there would extend rise to 0.9200. Trade Idea: EUR/JPY – Sell at 104.50Despite intra-day resumption of recent decline to 101.95 (lowest since 2001), the subsequent quick rebound from there suggests a minor low is formed and retracement to intra-day high of 103.80 cannot be ruled out, however, upside should be limited to 104.45-50 (50% Fibonacci retracement of 107.00 – 101.95) and bring another decline later. A break of said support would extend recent downtrend to 101.41 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||
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