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Daily Report: Euro Drops against Sterling and Swissy, Markets Consolidative ElsewhereDollar majors and yen crosses are staying in range today so far as financial markets are generally steady elsewhere. Though, noticeable weakness is seen in Euro against Sterling and Swiss Franc as recent decline in both crosses extend. Euro is still pressured by dovish comments from ECB Weber on continuation of its loose monetary stance. Some more volatility would like be been seen in the common currency as Eurozone will release preliminary readings of PMI manufacturing and services later in the European session. |
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| Featured Technical Report | |
EUR/GBP Daily OutlookDaily Pivots: (S1) 0.8153; (P) 0.8199; (R1) 0.8228; More. EUR/GBP drops further to as low as 0.8142 so far today and the break of 0.8173 confirms that whole fall from 0.8530 has resumed. Intraday bias remains on the downside for further decline towards 0.8607 low and then 0.8 psychological level. On the upside, above 0.8173 minor resistance will turn intraday neutral and bring recovery. But still, break of 0.8281 resistance is needed to indicate completion of fall from 0.8530. Otherwise, outlook will remain bearish. |
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Trade Idea: USD/CHF – Sell at 1.0385Although the greenback has retreated after rebounding to 1.0393 last Friday, a clear breach of 1.0286 support is needed to confirm correction from 1.0257 has ended there and bring resumption of recent decline for retest of 1.0257, then towards 1.0225/30 (50% projection of 1.1138 to 1.0332 measuring from 1.0630), however, reckon 1.0185/90 (100% projection of 1.0630 to 1.0350 measuring from 1.0466) would hold from here. Trade Idea: EUR/USD – Sell at 1.2800Euro's recovery after last week's resumption of decline to 1.2664 suggests a minor low has been formed and consolidation with mild upside bias is seen for retracement to the Kijun-Sen (now at 1.2749), break would bring stronger rebound but reckon 1.2812 (61.8% Fibonacci retracement of 1.2903 to 1.2664) should cap recovery and bring another decline later. | ||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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