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Mid-Day Report: Euro Struggled to Sustain Gain as ECB Failed to Offset Extra LiquidityMuch volatility is seen in the markets today. Euro was lifted originally by Italian bond auctions which showed solid demand despite surging yields. Nonetheless, the common currency was then knocked down by news that ECB failed to fully sterilize the bond purchased last week. In addition, sentiments was weighed down by news that American Airlines filed for chapter 11 bankruptcy. Major European indices pared earlier gains and is nearly flat at the time of writing. While US futures point to flat opening. Dollar index rebounded strongly from intraday low of 78.52 and is back above 79 level. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3260; (P) 1.3329 (R1) 1.3386; More. EUR/USD recovers further to as high as 1.3441 earlier today but failed strong resistance from 4 hours 55 EMA and weakened. Intraday bias remains neutral and more consolidative trading could still be seen above 1.3212 temporary low. But after all, upside is still expected to be limited by 1.3421/3614 resistance and bring fall resumption. Below 1.3212 will extend the fall from 1.4246 to retest 1.3145 first. Break will confirm resumption of whole decline from 1.4246 and should target 100% projection of 1.4548 to 1.3145 from 1.4246 at 1.2843 next. |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency went through a roller-coaster European session, surged to an intra-day high of 1.3442 on buying by hedge funds (stops at 1.3400 and 1.3420 were triggered) but then ran into a wall of offers there, then retreated even more sharply on news that ECB failed to sterilize bond purchases, bids at 1.3350 and 1.3315-20 were absorbed and mixture of bids and stops at 1.3280-90 is now in focus but more bids are tipped at 1.3250 with bigger stops placed below 1.3230 and 1.3200-10. On the upside, offers are now lowered to 1.3390-00 and more selling interests remain at 1.3440-50 with stops building up above 1.3450 and 1.3500. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: GBP/USD – Buy again at 1.5510Despite intra-day anticipated rally to 1.5658, as cable has eased from there, minor consolidation would take place and pullback to the Tenkan-Sen (now at 1.5577) and then the Kijun-Sen (now at 1.5563) cannot be ruled out, however, renewed buying interest should emerge around the Ichimoku cloud (now at 1.5509-18) and bring another rise later. Trade Idea: AUD/USD – Buy at 0.9730Despite intra-day rise to 0.9995, as aussie has retreated after faltering below psychological resistance at 1.0000, suggesting consolidation would be seen and pullback to 0.9860/65 is likely, however, as low has been formed at 0.9667, reckon yesterday’s low at 0.9728 would limit downside and bring another rebound later. Above said resistance would add credence to this view and bring test of 1.0000-08 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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