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Mid-Day Report: Euro Recovered after ECB Bought Italian Bonds, But Momentum WeakEuro recovered mildly earlier today after ECB stepped in to buy Italian bonds but lacked follow through buying so far. 10 year Italian yield dipped briefly to 6.83% but quickly climbed back above the unsustainable 7%. Italian prime minister designate Monti unveiled his cabinet today and named himself as the finance minister. The new government will be sworn later today and would then start the work to tackling the debt crisis it's facing. Data released from Eurozone saw CPI finalized at 3.0% yoy in October, while core CPI was unchanged at 1.6% yoy. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3475; (P) 1.3557 (R1) 1.3619; More. EUR/USD recovers mildly after dipping to as low as 1.3482 but still, intraday bias remains mildly on the downside. Fall from 1.4247 is still in progress and would target a test on 1.3145 low next. Break there will confirm resumption of the whole fall from 1.4939. On the upside, above 1.3794 resistance is needed to indicate completion of the fall from 1.4246. Otherwise, outlook will remain cautiously bearish in near term. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: Although the single currency extended this week's decline to a low of 1.3429, euro found decent demand from Middle East names (related to buying of Airbus at the amount of 15 bln euro after the Dubai Air Show) there and rebounded on market talk that China is in touch with certain European countries regarding EU aid, stops above 1.3500 and 1.3550 were triggered, however, renewed selling interest quickly emerged just above 1.3550 and selling interest remains at 1.3560-70 with more stops seen above 1.3580. On the downside, some bids from same parties are still noted at 1.3450 with option defensive bids remain at 1.3420-30 (for protection of stops below 1.3420 barrier) and more buying interest is tipped at 1.3400 with stops below this barrier. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: EUR/USD – Hold short entered at 1.3540Despite intra-day rebound from 1.3429 to 1.3557, as the single currency then retreated after holding right at the indicated resistance at 1.3557, retaining our bearishness for recent decline to resume after consolidation, break of said support would confirm the fall from 1.4248 has resumed and extend weakness to 1.3400, however, near term oversold condition should limit downside Trade Idea: USD/CAD – Buy at 1.0110As the greenback has maintained a firm undertone, suggesting the rebound from 0.9892 is still in progress and bullishness remains for this move to bring a stronger retracement of the decline from 1.0658 to resistance area at 1.0329-38, however, this B wave from 0.9892 likely to be limited to 1.0365 (61.8% Fibonacci retracement of 1.0658 to 0.9892) and near term overbought condition should limit upside to 1.0400 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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