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Daily Report: Euro Pares Gains on Spain's Downgrade, Anglo Irish BailoutEuro retreats against dollar after Moody's cut Spain's debt rating from AAA to Aa1 and issued a stable outlook. Moody's noted Spain's weak growth prospects and respective challenge on fiscal consolidations as the reason for the downgrade. The move was the result of a three month review and was widely expected. In addition, Irish financial regulator said that it would require at least EUR 29.3b to bailout Anglo Irish Bank and would costs as much as EUR 34b in the worst case scenario. Allied Irish will need to raise an additional EUR 3b by the end of the year. This will push government debt to over 100% of GDP. EUR/USD is off recent high of 1.3646 and is back trading below 1.36 level as markets digest the news. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 113.62; (P) 113.90; (R1) 114.31; More EUR/JPY drops sharply from 114.20. Meanwhile, upside momentum is clearly diminishing with bearish divergence condition in 4 hours MACD and RSI. However, with 112.65 support intact, another rise could still be seen towards 114.72 resistance. Though, upside will possibly be limited there and bring corrections first. On the downside, break of 112.65 will indicate that a short term top is formed and bring pull back. But downside should be contained by 109.54 resistance turned support and bring another rise. |
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| Candlesticks and Ichimoku Intraday Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: GBP/USD – Hold short entered at 1.5845Despite intra-day rise to 1.5854, as cable has retreated from there, retaining our consolidative view and mild downside bias remains for weakness towards yesterday's low at 1.5762, however, break there is needed to retain near term bearishness for another corrective decline towards indicated lower range of 1.5718, otherwise, further choppy movements within 1.5718-1.5896 trading band would take place. Trade Idea: EUR/USD – Hold short entered at 1.3615Despite overnight marginal rise to 1.3647, as the single currency has retreated after holding below indicated resistance at 1.3650, retaining our near term mildly bearish view for retracement back to the Ichimoku cloud top (now at 1.3535), however, reckon downside would be limited to previous resistance at 1.3507 and the flat ground Ichimoku cloud bottom (now at 1.3489) should hold, bring another upmove later. | Suggested Readings | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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