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Mid-Day Report: Euro Extends Recovery as Funding Tensions EasedMarkets remains generally steady in early US session. Data showed consumer spending in US was unexpectedly flat in April versus expectation of 0.3% growth. Personal income also rose less than expected by 0.4%. Major currencies are mildly lower against dollar and yen after the release. European stocks pare some of earlier gains. Crude oil also treats from intraday high of 75.72 and is back below 75 level while gold is revolving around 1210. After all, impact is limited. |    |
| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.2211; (P) 1.2303 (R1) 1.2452; More. EUR/USD edges higher to 1.2451 so far today. Consolidation from 1.2143 is still in progress and stronger rise might be seen towards 1.2671 resistance. But after all, upside is expected to be limited by 38.2% retracement of 1.3691 to 1.2143 at 1.2734 and bring fall resumption.On the downside, decisive break of 1.2143 will confirm down trend resumption and should target 1.2 psychological level next. |
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Libor Rate Rising, Reason and Implications on USDConcerns over contagion of Eurozone's sovereign crisis escalated after the Bank of Spain announced to take over a Cordoba-based savings bank, Cajasur, and stepped up efforts to merge the weakest of the countries' savings banks. The weakened financial position of banks has increased pressures in the funding market and several gauges have shown USD funding costs have been surging. |
| Economic Indicators Update |
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| Candlesticks and Ichimoku Intraday Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: EUR/USD – Buy at 1.2290As the single currency has retreated after intra-day rise to 1.2454, suggesting consolidation would be seen and pullback to the Kijun-Sen (now at 1.2325/30) is likely, however, reckon 1.2271-81 (current level of the Ichimoku cloud top and intra-day low) would hold and bring another rise later. Above said resistance would extend the corrective upmove from 1.2154 for a stronger retracement of the fall from 1.2673 to 1.2471-75 (previous support and 61.8% Fibonacci retracement of 1.2673 to 1.2154) Trade Idea Update: GBP/USD – Sell at 1.4685Although cable has retreated after intra-day marginal rise to 1.4612, as long as support at 1.4490 (also below current level of the Kijun-Sen at 1.4510) holds, mild upside bias is seen for one more rise and above said resistance would extend gain to 1.4685/90 but loss of upward momentum should cap price at 1.4723-34 (38.2% Fibonacci retracement of 1.5524 to 1.4228 and 50% Fibonacci retracement of 1.5046 to 1.4228) and bring retreat later. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Elliott Wave Daily Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: USD/CAD – Buy at 1.0300As the greenback has remained under pressure, suggesting the wave (ii) correction from 1.0854 is still in progress and stronger retracement to 1.0390/95 (approx. 61.8% Fibonacci retracement of 1.0110 to 1.0854) is likely, however, reckon 1.0278 (1.618 times projection of 1.0854 to 1.0581 measuring from 1.0720) would limit downside and minor support at 1.0246 should hold and bring rebound later. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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