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Daily Report: Euro Lifted Mildly by China EndorsementEuro recovers mildly today after a top Chinese official endorsed the measures taken by EU/IMF to solve the sovereign debt crisis. Said at the opening of European Union-China trade talks, China Vice Premier Wang Qishan hailed the the actions taken were "concrete". Wang said "EU members have taken a number of steps to actively respond to the sovereign-debt crisis.... we hope these measures will quickly produce results and lead to a steady recovery of the EU economies." While nothing was spoken explicitly on what China would do, the comments from Wang did affirm the stance taken by Premier Wen Jiabao, who said in October that China supports a stable euro and won't reduce European bond holdings. Euro is seen mildly higher against dollar but remains pressured in crosses though, in particular against Swissy and Aussie. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 109.47; (P) 110.09; (R1) 110.60; More EUR/JPY recovers mildly today as temporary low is formed at 109.56. Intraday bias is turned neutral and some consolidations would be seen first. Though, recovery is expected to be limited well below 112.18 resistance and bring another fall. Below 109.56 will target 108.38 support first. Break there will confirm that whole decline from 115.65 has resumed and should target a test on 105.42 low. On the upside, though, above 112.18 will bring another rise to retest 114.93/115.65 resistance zone. |
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Trade Idea: GBP/USD – Sell at 1.5645Despite yesterday's retreat from 1.5577, as the British pound has rebounded after holding above yesterday's low at 1.5478, suggesting further consolidation above last week's low at 1.5454 would take place and another bounce to 1.5577 is likely, above would bring retracement to 1.5600, however, renewed selling interest would emerge around 1.5647 (last Friday's high) and bring another selloff later. Trade Idea: EUR/USD – Sell at 1.3250Despite yesterday's resumption of decline to 1.3094/95, the subsequent rebound suggests a minor low has been formed there and consolidation with mild upside bias is seen, above the Ichimoku cloud bottom (now at 1.3199) would bring retracement to 1.3249-58 (38.2% Fibonacci retracement of 1.3500 to 1.3094 and 61.8% Fibonacci retracement of 1.3360 to 1.3094) but renewed selling interest should emerge around there and bring another decline later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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