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Daily Report: EUR/USD Breaches 1.19 on Debt and Recovery ConcernEuro continues to be pressured by concern over Europe's sovereign debt crisis and makes another four year low against dollar below 1.19 level today. The common currency also makes another record low against swissy and reaches the lowest level since 2001 against yen. German Chancellor Merkel is set to announce the concepts for budget and public spending targets through 2014 today and is expected to have "decisive" cuts, aiming for EUR 10b savings next year in order to comply with a new law that germany must have an approximately balanced budget by 2016. The cuts are believe to include 15k job cuts by 2014 and pay freeze for civil servants Markets are also concerned that more austerity measures from Eurozone countries will drag down global economic recovery. There are also rumors that German constitutional court is considering the possibility of imposing a temporary injunction against German's participation in the EUR 750b rescue package. |
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| Featured Technical Report | |
EUR/CHF Daily OutlookDaily Pivots: (S1) 1.3822; (P) 1.3956; (R1) 1.4049; More EUR/CHF edged lower to 1.3851 today and at this point, intraday bias remains on the downside for further decline. Sustained trading below 61.8% projection of 1.5138 to 1.4002 from 1.4587 at 1.3885 will target set the stage for further fall to 100% projection at 1.3451 next. On the upside, above 1.3988 will indicate that a temporary low is formed and bring consolidations. But strong resistance should be seen between 1.4109/4307 to limit upside and bring fall resumption. |
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| Economic Indicators Update |
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Trade Idea: GBP/USD – Sell at 1.4510Although the British pound extended last week's selloff from 1.4771 top to 1.4401 this morning, as price has recovered from there, suggesting minor consolidation would take place and above 1.4460 would bring retracement to 1.4510/15 (approx. 38.2% Fibonacci retracement of 1.4682 to 1.4401), however, price should falter well below 1.4541-53 (current level of the Kijun-Sen and previous support level), bring another decline. Trade Idea: EUR/USD – Sell at 1.2015Despite this morning's selloff to 1.1876, as the single currency has recovered from there, suggesting minor consolidation would be seen, however, price should falter well below the Kijun-Sen (now at 1.2047) and bring another decline later. Break of said support would extend weakness to 1.1810/15 (1.236 times projection of 1.2673 to 1.2154 measuring from 1.2454), however, near term oversold condition should prevent sharp fall below 1.1790/95 and risk from there has increased for a rebound later. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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