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Daily Report: Euro Firm ahead of Greece Vote, Risk Sentiments RecoveredEuro remains firm broadly in as investors are optimistic that Greek parliament will pass the austerity plan which is needed to secure funding from the EU/IMF. The Greek parliament will vote today on Prime Minister George Papandreou's 5-year plan of budget cuts and asset sales amid a wave of strikes and protests. Investors are increasingly more confident that the package will be passed and Greece will then be able to tap the 5th tranche of funding and avoid immediate default. Market sentiment was also bolstered on the news that German officials will meet with banks today, discussing their role in a rescue plan for Greece, with the French proposal as the base of discussion. The French government proposed that banks will roll over half of Greek debts maturing in the next 3 years into new 30-year bonds. Also, it proposed that the proceeds of an additional 20% of bonds to be invested in a SPV which would act as collateral for participating banks. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 115.56; (P) 116.11; (R1) 117.11; More EUR/JPY's rebound from 113.49 extends further today and the break of 116.69 resistance, as well as the sustained trading above near term falling trend line, suggests that fall from 123.31 might be completed. Intraday bias is back on the upside for 117.88 resistance first. Break will also complete a double bottom reversal pattern and should turn outlook bullish for a retest on 123.31 resistance next. On the downside, though, below 115.12 will flip bias back to the downside and break of 113.41/49 support will will resume the decline from 123.31 instead. |
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| Economic Indicators Update |
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Trade Idea: USD/CHF – Sell at 0.8375As the greenback rebounded after yesterday’s selloff to 0.8276, suggesting consolidation would be seen and recovery to the Ichimoku cloud (now at 0.8349-57) cannot be ruled out, however, reckon this week’s high of 0.8386 would limit upside and bring another decline later. A break of said support at 0.8276 would extend downtrend to 0.8240/42 (50% projection of 0.8947-0.8327 measuring from 0.8552) but loss of near term downward momentum should prevent sharp fall below 0.8200 Trade Idea: EUR/USD – Buy at 1.4265As the single currency has maintained a firm undertone after rising to 1.4397 yesterday, adding credence to our near term bullishness for the rebound from 1.4103 to extend further gain to 1.4400 and possibly towards previous resistance at 1.4442, however, break there is needed to retain upside bias for further gain to 1.4458 (61.8% Fibonacci retracement of 1.4696 to 1.4073) but reckon 1.4500 would hold from here. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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