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Daily Report: Euro Lower on Irish Debt ConcernsEuro drops sharply against dollar and yen today on renewed concern that Ireland will eventually follow Greece and request a bailout from EU and IMF. Irish bond was in free fall last week as the government laid out the massive plan to cut spending and raise taxes by as much as EUR 6b in 2011. Spread on Irish bond and German bund rose to record high as investors took that act of the spending cut as a sign of desperation and uncertainty about the fiscal problem. EU Economic and Monetary Affairs Commissioner Olli Rehn arrives in Dublin today to discuss all aspect of the austerity plan in details. EUR/USD is back trading below 1.4 level today while EUR/JPY is pressing 113 level. European majors are generally softer but commodity currencies are still firm. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 113.59; (P) 114.32; (R1) 114.74; More EUR/JPY's fall from 115.40 extends further to as low as 113.01 so far today. Intraday bias is mildly on the downside for the moment and deeper retreat might be seen. But after all, with 111.51 support intact, whole rebound from 105.42 is still expected to resume sooner or later. Above 113.89 minor resistance will flip intraday bias back to the upside. Break of 115.40/65 resistance zone will target 38.2% retracement of 139.21 to 105.42 at 118.32. However, sustained break of 111.51 will indicate that rebound from 105.42 is likely finished and will bring deeper decline to 109.54 support first, and then a retest on 105.42 low. |
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| Candlesticks and Ichimoku Intraday Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: EUR/USD – Sell at 1.4020The single currency met renewed selling interest this morning at 1.4085 and tumbled on dollar's broad-based rebound especially versus European currencies, suggesting the fall from last week's high of 1.4283 is still in progress and further weakness to 1.3900 would be seen, however, reckon previous support at 1.3864 would hold. Trade Idea: GBP/USD – Sell at 1.6185The British pound broke below Friday's low at 1.6167 and then the Ichimoku cloud bottom this morning in tandem with euro, signalling recent upmove has formed a top at 1.6300 last week and consolidation with downside bias is seen for retracement to 1.6080/90 (previous resistance) but reckon support at 1.6033 would hold from here. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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