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Mid-Day Report: Euro Steady Despite Weak Auctions, US Jobless Claims ImprovedEuro remains steady today in spite of relatively weak Spain and France auctions. Spain sold EUR 3.56b of 10 year bond at average yield o 6.975%, hitting a euro era record and was much higher than the 5.433% 2021 bond sold last month. Also, it's notably below Spain's maximum target of EUR 4b. France sold EUR 6.98b of medium term BTAN notes, at top of the target but yield also jumped sharply. France 10 year yield jumped again today with spread against German bund breaching 2% for the first time since euro started. Italian Prime Minister Monti outlined a range of policies today, including pension and labor market reforms, crackdown on tax evasions and changes to tax system. Monti will face a confidence vote in Senate later today and another one in Chamber of Deputies tomorrow to formally confirm his technical government. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3408; (P) 1.3483 (R1) 1.3537; More. EUR/USD continues to stay in tight range above 1.3421 temporary low and intraday bias remains neutral. Note that another fall is still in favor with 1.3794 resistance intact. Below 1.3421 will extend the fall from 1.4246 to retest 1.3145 low. Break will confirm resumption of the whole fall from 1.4939. On the upside, above 1.3794 resistance, however, will argue that the fall from 1.4246 has completed and should flip bias back to the upside to retest this retest. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: Despite falling to an intra-day low of 1.3421, the single currency has continued to find good support there and has rebounded on market talk that ECB buying Italian and Spanish debt, however, offers from model funds are still noted at 1.3515/20 and further out at 1.3550-60 with stops building up above latter level and also 1.3580 but bigger size sell orders are tipped at 1.3590-00. On the downside, first layer of bids are noted at 1.3450 and whilst decent size bids remain from 1.3420 down to 1.3400, sizeable stops are placed below 1.3400 barrier and more stops are located below 1.3375 and 1.3350 barriers. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: GBP/USD – Sell at 1.5910Cable’s intra-day rebound from 1.5692 to 1.5793 suggests a minor low is formed and although price has retreated from 1.5793, as long as said support holds, further consolidation would take place and above said resistance would bring retracement to 1.5815-17 (previous resistance), however, upside should be limited to previous support at 1.5869 and renewed selling interest should emerge below the Ichimoku cloud top (now at 1.5910), bring another decline later. Trade Idea: EUR/JPY – Sell at 105.00Despite intra-day marginal fall to 103.40, lack of follow through selling on break of yesterday’s low at 103.41 suggests consolidation would be seen and recovery to yesterday’s high of 104.38 cannot be ruled out, however, renewed selling interest should emerge around 105.00 and bring another decline later. A break of said support would extend the fall from 111.57 to 103.00 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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