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Mid-Day Report: Risk Markets Tumble Sharply on Greece, Euro SteadyThe global risk markets tumble sharply today after Greece debt negotiation collapsed during the weekend. The Anthex composite index in Greece dropped nearly -5% and led European equities broadly lower. At this time of writing, FTSE is lowing -1%, DAX down -2% and CAC down -1.9%. In US DJIA opens sharply lower and is losing -1% initial trading. The currency markets, however, remain relatively steady with EUR/USD staying in tight range around 1.1230 and other crosses are held in tight range. Greek spokesman Gabriel Sakellardis played down the chance of new proposals as he noted that "we have largely exhausted our limits". According to a Reuters poll, traders are expecting one-in-three chance of Greece leaving Eurozone this year. | |
Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.1175; (P) 1.1235 (R1) 1.1321; More.... Intraday bias in EUR/USD remains neutral for the moment. Rise from 1.0461 could still be in progress and above 1.1379 temporary top will target 1.1466 and above. But after all, such rise is viewed as a corrective move. Hence, in that case, we'd expect strong resistance from 38.2% retracement of 1.3993 to 1.0461 at 1.1810 to bring reversal. Meanwhile, break of 1.0818 support will suggest that such corrective rise is completed and turn outlook bearish. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency traded narrowly after finding support at 1.1189, offers are still noted at 1.1260, 1.1280 and 1.1300, more sell orders are reported at 1.1320, 1.1340 and 1.1365, selling interest is tipped at 1.1380 and 1.1400. On the downside, bids are now seen at 1.1200-05 and 1.1185, buy orders are expected at 1.1150, 1.1130 and 1.1100, buying interest should emerge around 1.1080-85, 1.1065 and 1.1050. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: GBP/USD - Buy at 1.5430As the British pound has remained under pressure after retreating from Friday's high of 1.5598, retaining our view that consolidation below this level would be seen and pullback to support at 1.5467 is likely, however, reckon previous support at 1.5422 would hold and bring another rise later. Above 1.5550-55 would signal the retreat from said resistance at 1.5598 has ended, bring retest of this Friday's high, break there would extend the rise from 1.5170 low towards 1.5630 Trade Idea Update: EUR/USD - Hold long entered at 1.1220As the single currency has rebounded after finding support at 1.1189, retaining our bullishness and consolidation with upside bias is seen for test of intra-day resistance at 1.1261, however, break of Friday's high at 1.1297 is needed to add credence to our view that fall from last week's high at 1.1386 has ended, bring test of 1.1330-35, then 1.1350-55, only above latter level would provide confirmation and bring retest of this level later this week. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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