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Mid-Day Report: Euro Remains Soft in Quiet MarketsEuro remains soft as Ireland's debt problem remains the center of focus in an otherwise quiet market. Though, selloff in the Euro somewhat slows as the Greek ruling party got sufficient backing at local elections to avert a snap general election and press on with austerity measures. Dollar extends its recovery against European majors but remains pressured against commodity currencies as markets are still expecting strong support in risky assets by Fed's quantitative easing program. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 80.76; (P) 81.12; (R1) 81.61; More. USD/JPY weakens mildly today and brief recovery fades. But after all, it's still bounded in choppy sideway trading between 80.29/81.97 and outlook remains unchanged. Initial bias remains neutral and we'd probably see more consolidations. But after all with 81.97 resistance intact, outlook remains bearish and recent down trend is still expected to continue. Below 80.29 will target 79.75 low next. However, decisive break of 81.97 resistance will be indicate that a short term bottom is at least formed and bring rebound to 82.86/85.92 resistance zone. |
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Trade Idea Update: GBP/USD – Sell at 1.6200The British pound has remained confined within intra-day established range as suggested in our previous update and although recovery to the Kijun-Sen (now at 1.6182) cannot be ruled out, reckon the upper Kumo (now at 1.6223) would cap upside and bring another decline. Trade Idea Update: EUR/USD – Sell at 1.4020Although the single currency has remained under pressure, loss of near term downward momentum should prevent sharp fall below intra-day support at 1.3891 and reckon previous support at 1.3864 would hold from here, bring minor correction. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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