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Mid-Day Report: Euro Mildly Lower as Trichet Disappoints MarketsEuro is mildly lower after ECB left benchmark rates unchanged at 1.00% and said they'll extend the unconventional measures. However, Trichet as somewhat disappointed markets as no additional bond purchase for the Securities Markets Program was announced. While Euro dips against dollar after the announcement, it's still staying well above this week's low of 1.2969. It looks like some more consolidations would be seen first, considering there will be another high profile event risk of US non-farm payroll tomorrow. Nevertheless, outlook in EUR/USD remains bearish with 1.34/35 level holds and we'd anticipate selling to re-emerge sooner or later. |
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EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3012; (P) 1.3097 (R1) 1.3222; More. Intraday bias in EUR/USD remains neutral for the moment as consolidations from 1.2969 continues. Another rise cannot be ruled out, probably to 4 hours 55 EMA (now at 1.3279). But strong resistance is 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 Leaves Policy Rate Unchanged, Extends Liquidity Supply DurationAs expected, the ECB left the main refinancing rate unchanged at 1%. Moreover, the central bank delayed exit of non-standard measures and continued to keep providing unlimited liquidity to the market through 1Q11. The euro and bond markets rallied ahead of the meeting amid speculations that the central bank will purchase peripheral debts. However, President Trichet declined to comment on the issue but mentioned that 'the Securities Market Program (SMP) is ongoing, I repeat - ongoing'. |
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Trade Idea Update: USD/JPY – Buy at 83.65Although dollar has rebounded after holding above the Kijun-Sen, break of said resistance at 84.41 (Monday's high) is needed to confirm upmove from 80.21 low has resumed and extend gain to 84.80 but reckon 85.00/05 (61.8% projection of 80.21 to 83.85 measuring from 82.87) would hold from here. Trade Idea: EUR/GBP – Buy at 0.8380Although euro has retreated after intra-day rebound to 0.8464, if our view that a temporary low has been formed at 0.8334 is correct, downside should be limited to 0.8380 and this support would hold, bring another bounce later. A break of said resistance would bring retracement of recent decline to 0.8480 but above resistance at 0.8515/20 is needed to signal a 5-waver from 0.8941 top has ended Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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