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Mid-Day Report: Euro Recovers on Profit Taking ahead of ECB, Yen Lower as Stocks ReboundEuro recovers strongly today on profit taking on short positions as markets await tomorrow's ECB meeting. ECB Trichet emphasized yesterday that Euro financial stability in Eurozone shouldn't be called in question. However, Trichet refused to rule out the possibility of expanding the bond-purchase program in the current situation. Trichet just said that the bond program in "on going" and "we will see what we decide" in tomorrow's meeting. European major indices also recovers impressively which, in turn, send the Japanese yen sharply lower. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.2917; (P) 1.3033 (R1) 1.3099; More. As noted before, a temporary low is in place at 1.2969 in EUR/USD. Intraday bias remains neutral for the moment and some more consolidations would be seen. Above 1.3149 minor resistance will bring stronger recovery to 4 hours 55 EMA (now at 1.3315). But strong resistance at expected at 1.3447 to limit upside and bring another fall. Break of 100% projection of 1.4281 to 1.3447 from 1.3785 at 1.2951 will target 1.2587 support next. |
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ECB To Delay Exit From Non-Standard MeasuresWith the main refinancing rate staying a 1%, policymakers will decide whether to extend the full allotment of the 3-month tender at Thursday's ECB meeting. While council members have diverged opinions on the issue, re-emergence of sovereign crisis concerns in the European periphery suggests the central bank should delay exit steps. Therefore, we expect the ECB to announce extension of full allotment of the 3-month tender while the full allotment on the 1- week and 1-month tenders will also continue to another quarter. ECB staff will also release growth and inflation forecasts. Projections for 2010 will also be released for the first time. |
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Trade Idea Update: EUR/USD – Sell at 1.3195Euro's intra-day strong rebound signals a temporary low has been formed at 1.2969 yesterday and consolidation with mild upside bias is seen for retracement towards 1.3149-51 (current level of the Ichimoku cloud top and yesterday's high) but renewed selling interest should emerge below 1.3200, bring another decline. Trade Idea Update: USD/JPY – Stand asideAs the greenback has rebounded after intra-day marginal fall to 83.38, suggesting the fall from 84.41 has possibly formed a low there and consolidation with mild upside bias is seen, however, break of the Ichimoku cloud area (now at 84.02-03) is needed to confirm correction from 84.41 has ended and bring resumption of upmove towards 84.80 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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