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Mid-Day Report: Risk Rebound Extends, Dollar WeakensFinancial markets seem to have sustainable positive response to the pledge from Germany and France on bank recapitalization plan. Also, Greece said that it has concluded talks with troika and the country is expecting an improved second bailout. European indices are broadly higher with FTSE and CAC up around 2% at the time of writing while DAX jumps over 3%. DOW follows by rising 280 pts in early session. Dollar index, on the other hand, drops sharply to as low as 77.50 so far and is set to take out 77.30 near term support soon. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3318; (P) 1.3421 (R1) 1.3482; More. EUR/USD rises further to as high as 1.3641 so far today and is set to take on 1.3689 resistance. Break will confirm that a short term bottom is formed at 1.3145 on bullish divergence condition in 4 ours MACD. In such case, stronger rebound would be seen towards, 61.8% retracement of 1.4548 to 1.3145 at 1.4012. On the downside, break of 1.3360 minor support is needed to confirm completion of the rebound from 1.3145. Otherwise, further rise will now remain mildly in favor. |
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| Orders and Options Watch | ||||||||||||||||||||||||||||
US Session: Orders and Options WatchCHF: The greenback tumbled in European session on active selling by momentum funds and stops below 0.9140, 0.9100, 0.9070 and 0.9050 (large) were all triggered (EUR/CHF also retreated sharply from 5-month high of 1.2435), effect of SNB raising EUR/CHF peg rumors seemed fading and profit-taking activities kicked in this week, offers are still noted from 0.9100 up to 0.9150 and more selling interest should emerge around 0.9190-00. On the downside, more stops in good size are tipped below 0.9000 but fair size bids from Swiss bank are reported at 0.9010-20. | ||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||
Trade Idea Update: GBP/USD – Buy at 1.5530Cable’s intra-day breach of previous resistance at 1.5647 (Friday’s high) signals the rise from last week’s low of 1.5270 has resumed and test of previous resistance at 1.5666 would be seen, however, loss of near term upward momentum should prevent sharp move beyond 1.5700 and reckon resistance at 1.5716 would hold from here, bring correction later. Trade Idea: EUR/GBP – Target met and buy again at 0.8630Despite intra-day brief fall below Friday’s low of 0.8597, as the single currency found decent demand at 0.8587 and staged a strong rebound, retaining our bullish view that low has been formed at 0.8531 last week and consolidation with upside bias remains for gain towards 0.8735-39. However, a break of this indicated resistance is needed to encourage for further gain to next resistance at 0.8795 but above there is needed to confirm our view that low is formed at 0.8531 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||
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