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Daily Report: Euro Rebound Stalls on Slovakia, Weakness LimitedEuro's rebound against dollar and yen stalled after Slovakia parliament rejected the expansion of the EFSF. The country failed to pass the plan with 55 lawmakers voting for the measure, 9 against it and 60 abstaining. The expanded EFSF plan will increase the size of the facility from 440B euro to 780B euro and Slovakia will be required to contribute roughly 10B euro in debt guarantees. It's reported that the junior ruling coalition Freedom and Solidarity party, one of the four parties in the coalition, has refused to participate in the vote, making the final result hardly a majority. Slovakia is the only country in the seventeen-nation Eurozone that has not yet ratified the beefed-up plan agreed in July. Nevertheless, the negative impact on Euro and market sentiments in general is limited. That's because firstly, Slovakia is expected to pass the re-vote later this week as the government resigned. Secondly, investor's main focus remain on the bank recapitalization plan led by Germany and France that's to be finalized later this month. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 104.06; (P) 104.48; (R1) 104.94; More EUR/JPY's rebound stalled after breaching 104.92 resistance briefly and with 4 hours MACD crossed below signal line, intraday bias is turned neutral. Nevertheless, another rise remains in favor with 102.54 minor support intact. Above 104.98 will extend the rebound from 100.74 short term bottom towards 38.2% retracement of 117.74 to 100.74 at 107.23. On the downside, below 102.54 will indicate that rebound from 100.74 is finished and would flip bias back to the downside for retesting 100.74. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: The single currency remained confined within yesterday's established range of 1.3565-1.3684, although euro retreated in late New York as Slovakia rejected the ESFS expansion plan and some stops at 1.3600 were triggered, the pair then rebounded again after holding above said lower range in part due to improved risk appetite. At the moment, offers are still noted at 1.3680-90 (for protection of 1.3700 barrier) and stops are expected above there but more selling interest should emerge further out at 1.3740-50. On the downside, bids from sovereign names are reported at 1.3580-90 and further out at 1.3650-60 with stops building up below 1.3650 but more buying interest is expected at 1.3500. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: USD/JPY – Buy at 76.35The greenback has remained confined within a very narrow range and although further sideways trading is in store, as long as resistance at 77.07 holds, downside risk remains for the retreat from 77.27 to extend marginal weakness to 76.34, however, as broad outlook is still consolidative, reckon downside would be limited and support at 76.10 should hold, bring another rebound later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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