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Action Insight Market Overview	Markets Snapshot
Daily Report: Asian Markets Recovered, Euro Rebounded after Greece Rout Asian markets recover mildly after the global rout yesterday. Nikkei managed to sty above 20000 handle and is up 0.4% at the time of writing, trading around 20200. Overnight, S&P 500 suffered the worst one day drop this year and lost -43.85 pts, or -2.08% to close at 2057.64. DJIA lost -350.33 pts, or -1.95% to close at 17596.35. US treasury yields also plummeted on flight to safe haven with 30 year yield closed at 3.099, comparing to Friday's 3.250. 10 year yield closed at 2.331 versus Friday's close of 2.476. Gold attempted to rebound on risk aversion but quickly lost steam. Meanwhile, Crude oil dipped back to lower side of recent range. In the currency markets, the Japanese yen remains the strongest major currency this week on risk aversion. Euro staged a strong rebound after initial selloff and is mixed against other currencies. Canadian dollar is indeed the weakest one so far. Full Report Here...
Featured Technical Report
EUR/GBP Daily Outlook Daily Pivots: (S1) 0.7069; (P) 0.7097; (R1) 0.7120; More... EUR/GBP rebounded strongly after dipping to 1.6985 and intraday bias is turned neutral first. The larger down trend should have just resumed and we're expecting another fall ahead. Upside of current recovery should be limited by 0.7210. Break of 0.6985 will target 61.8% projection of 0.8006 to 0.7013 from 0.7388 at 0.6774. However, firm break of 0.7210 will dampen our bearish view and turn focus back to 0.7388 resistance instead. Read more... EURUSD Technical Outlook USDJPY Technical Outlook GBPUSD Technical Outlook USDCHF Technical Outlook USDCAD Technical Outlook AUDUSD Technical Outlook EURJPY Technical Outlook EURGBP Technical Outlook EURCHF Technical Outlook GBPJPY Technical Outlook

Economic Indicators Update

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GMT	Ccy	Events	Actual	Consensus	Previous	Revised
22:45	NZD	Building Permits M/M May	0.00%		-1.70%	-0.90%
23:05	GBP	GfK Consumer Sentiment Jun	7	2	1
1:00	NZD	NBNZ Business Confidence Jun	-2.3		15.7
1:30	JPY	Labor Cash Earnings Y/Y May	0.60%	0.70%	0.90%	0.70%
5:00	JPY	Housing Starts Y/Y May		5.80%	0.40%
7:00	CHF	KOF Leading Indicator Jun		94	93.1
7:55	EUR	German Unemployment Change Jun		-7K	-6K
7:55	EUR	German Unemployment Rate Jun		6.40%	6.40%
8:00	EUR	Italian Unemployment Rate May P		12.50%	12.40%
8:30	GBP	Current Account (GBP) (1Q)		-23.7B	-25.3B
8:30	GBP	GDP Q/Q Q1 F		0.40%	0.30%
8:30	GBP	Index of Services 3M/3M Apr		0.50%	0.40%
9:00	EUR	Eurozone Unemployment Rate May		11.10%	11.10%
9:00	EUR	Eurozone CPI Estimate Y/Y Jun		0.20%	0.30%
9:00	EUR	Eurozone CPI - Core Y/Y Jun A		0.80%	0.90%
12:30	CAD	GDP M/M Apr		0.10%	-0.20%
13:00	USD	S&P/Case-Shiller Composite-20 Y/Y Apr		5.00%	5.04%
13:45	USD	Chicago PMI Jun		50.3	46.2
14:00	USD	Consumer Confidence Jun		96.7	95.4

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency continued to edge higher after rebounding from 1.0954, offers at 1.1130-40 were filled but sell orders are reported at 1.1170 and 1.1185, sellers are located at 1.1200, 1.1220-25 and 1.1245, selling interest is tipped at 1.1280 and 1.1300. On the downside, bids remain at 1.1050-55, 1.1030 and 1.1000, buy orders are expected at 1.0980 and 1.0960, fresh demand should emerge around 1.0930 and 1.0900.

Trade Idea: EUR/GBP - Sell at 0.7210

Although the single currency dropped initially today and broke below previous support at 0.7014, lack of follow through selling and current rebound suggest consolidation would be seen and another corrective bounce to 0.7145-50 cannot be ruled out, however, price should falter below resistance at 0.7211, bring another decline later. A break of intra-day support at 0.6988 would signal recent decline is still in progress in wave v for weakness to 0.6950-60 then towards 0.6920.

Trade Idea: USD/CAD - Buy at 1.2280

Although the greenback rebounded after finding support at 1.2304 earlier today and test of last week's high at 1.2423 cannot be ruled out, break there is needed to extend the rebound from 1.2128 (this month's low) to extend gain to 1.2470-75, however, only break there would signal the retreat from 1.2563 has ended at 1.2128 as wave ii and bring further rise to 1.2520-25. A break of resistance at 1.2563 would confirm upmove from 1.1920 (wave c and probably entire wave iv) has resumed for gain to 1.2600 and later 1.2630-40.