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| Action Insight Weekly Report | Markets Snapshot |
EUR/USD Breached 1.3, Dollar Index Broke 80 as European Debt Crisis Weighed on SentimentsEuro weakened broadly last week on delayed reaction to the the EU summit. Successful bond auctions in Spain and Italy halted the decline after EUR/USD breached 1.3 level briefly. But the common currency remained weak on fear of sovereign rating downgrades. Towards the end of the week, Moody's lowered Belgium's credit rating by two notches from Aa1 to Aa3, with a negative outlook. Fitch lowered the outlook of France's AAA rating to negative and put Spain, Italy, Belgium, Slovenia, Ireland and Cyprus on review. S&P is yet to act despite issuing a warning before the EU summit. SNB's lack of action on rating the EUR/CHF floor sent the cross back from 1.24 to 1.22 and exerted some pressure on Euro too. Euro will likely remain pressured in thin holiday trading this week. |    |
| Featured Technical Report | |
EUR/USD Weekly OutlookEUR/USD's fall accelerated after taking out 1.3145 support last week and reached as low as 1.2946 before making a temporary low there and turned sideway. Initial bias is neutral this week for some consolidations. But recovery should be limited by 1.3212 support turned resistance and bring fall resumption. Below 1.2946 will target 1.2873 support first. Whole decline from 1.4939 should head to 100% projection of 1.4939 to 1.3145 from 1.4246 at 1.2452 and below. |
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The Week in Review and Preview
On 2012 |
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