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Daily Report: Euro Opens Lower on Worry of S&P DowngradeEuro opens the week mildly lower as markets' focus are turning to the possibility of S&P downgrades, as early as today. S&P placed 15 eurozone nations on review last week and warned of possible downgrade, noting the significant of the EU summit. Even though a deal to tighten up fiscal rules was reached, but it's uncertain whether S&P is satisfied with the outcome. In addition, the rating agency might still be in deep worry on the underlying economic health of the region. The common currency is seen soft against most other major currencies but after all it's stuck in range without a clear direction. Italy is set to sell EUR 7b of one year bills today and France will sell EUR 6.5b of of short term debts. The results could possibly trigger some volatility in the markets. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 103.22; (P) 103.81; (R1) 104.48; More Intraday bias in EUR/JPY remains neural for the moment and some more sideway trading might be seen. But still, we're favoring the case that corrective recovery from 102.48 is finished at 105.54 and recent decline from 111.57 is ready to resume. Below 103.00 will flip bias to the downside. Further break of 102.48 will confirm the bearish case and target a test on 100.74 low first. However, above 104.51 will delay the bearish case and extend the consolidation pattern from 102.48 with another rise through 105.54 before fall resumption. |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: Despite Friday's rebound to 1.3434, the single currency then retreat quite sharply from there probably as traders considered the EU deal is not enough to solve the eurozone debt crisis, the pair slipped again this morning in part due to weakness in AUD/USD, however, bids are still noted at 1.3310-20 with mixture of bids and stops remains at 1.3270-80, followed by bigger stops below 1.3250. On the upside, offers are tipped from 1.3380 up to 1.3400 and sizeable offers remain at 1.3430-35 with combinations of offers and stops noted at 1.3460 and 1.3490-00. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: USD/JPY – Buy at 77.30Despite last week’s fall to 77.13, the subsequent rebound to 77.80 suggest the fall from 78.29 has possibly ended there and consolidation with upside bias is seen for another rebound to said resistance at 77.80, however, a sustained breach of this level is needed to add credence to this view and bring further gain to indicated resistance at 78.11-16. Trade Idea: EUR/USD – Stand asideAlthough the single currency retreated after Friday’s strong rebound from 1.3282 to 1.3434 and consolidation with downside bias remains, below said support at 1.3282 is needed to revive bearishness and extend the fall from 1.3550 to next support at 1.3259. Looking ahead, only a sustained breach of this level would signal the rebound from 1.3213 has ended and extend decline towards this level later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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