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| Action Insight Weekly Report | Markets Snapshot |
Euro Found a Bottom, Risk Aversion to Ease TemporarilyThere were two important developments to note last week. Firstly, selling climax in Euro was past, with help of intervention. EUR/USD spiked through 2008 low of 1.2329 and reached as low as 1.2143 after German's announcement of ban on naked short selling. But the common currency then staged a broad based rebound as SNB buying shot EUR/CHF more than 500 pts higher. There were also rumors of coordinated effort from ECB, FED and BoJ to count the "unorderly" depreciation of the common currency. In any case, while the overall outlook in EUR/USD is still bearish, we believe the pair has found a short term bottom and would anticipate some more recovery ahead. |    |
| Featured Technical Report | |
EUR/USD Weekly OutlookEUR/USD edged lower to 1.2143 last week but formed a short term bottom there and recovered. Further rise would probably be seen initially this week as correction continues to 38.2% retracement of 1.3691 to 1.2143 at 1.2734 and above. Nevertheless, upside should be limited below 1.3093 cluster resistance (61.8% retracement at 1.3100) and bring fall resumption. On the downside, below 1.2295 minor support will flip intraday bias back to the downside. Further break of 1.2143 will target 1.20 psychological level next. |
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