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Mid-Day Report: Euro Steady as Eurogroup President Dijsselbloem Sounds Upbeat on Greece ProposalsThe forex markets are relatively steady today and in spite of all the news from Greece Euro is stuck in tight range against other major currencies. Eurogroup president Jeroen Dijsselbloem said that the new set of proposals submitted by Greece over the weekend formed the basis for an agreement that could be seen as see as this week. He hailed the proposals as "broad and comprehensive" and "it's an opportunity to get a deal this week". He also urged the Greece's international creditors, IMF, ECB and EC to work on these proposals immediately. Later today, Eurozone finance ministers will meet in an emergency summit regarding the Greece situation. Separately, ECB increased the limit on the Emergency Liquidity Assistance program for Greek bank for the third time in less than a week. The central didn't specify the amount of the raise yet. Last Wednesday, the limit on ELA was lifted by EUR 1.1b to EUR 84.1b. On Friday, the limit was raised a further EUR 1.8b. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.1297; (P) 1.1343 (R1) 1.1393; More.... EUR/USD is staying in tight range today and outlook is unchanged. Further rise is expected with 1.1204 minor support intact. The rally The rise from 1.0461 is possibly resuming. Break of 1.1466 will target 38.2% retracement of 1.3993 to 1.0461 at 1.1810. At this point, such rise is viewed as a corrective move and we'd expect strong resistance from 1.1810 to bring reversal. On the downside, below 1.1204 minor support will turn focus back to 1.0818 support instead. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: Euro's retreat from 1.1404 found support at 1.1312 and has recovered, however, offers are still noted at 1.1380, 1.1400 and 1.1430 (stops above 1.1440), sell orders are expected at 1.1450, 1.1475 and 1.1500, selling interest is reported at 1.1530 and 1.1550. On the downside, bids remain at 1.1300-10, 1.1285 and 1.1240, buying interest is tipped at 1.1220, 1.1200 and 1.1185, fresh demand should emerge around 1.1150, 1.1130 and 1.1100. | |||||||||||||||||||||||||||||||||||
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Trade Idea Update: GBP/USD - Buy at 1.5760As the British pound has retreated after faltering below last week's high at 1.5930, retaining our view that further consolidation below this level would be seen and pullback to 1.5806 support, then the lower Kumo (now at 1.5778) cannot be ruled out, however, reckon previous resistance at 1.5755 would contain downside, bring another rise later. A break of said resistance at 1.5930 (last week's high) would signal recent upmove has resumed and extend gain to 1.5950, then 1.5975-80 Trade Idea Update: USD/CHF - Sell at 0.9290As the greenback has rebounded again after holding above indicated support at 0.9151, retaining our view that further consolidation above this level would be seen and another corrective bounce cannot be ruled out, above the upper Kumo (now at 0.9234) would bring test of resistance 0.9249, however, reckon 0.9290-00 would limit upside and bring another decline later. A break of said support at 0.9151 would signal the decline from 0.9543 has resumed for weakness to minor support at 0.9138 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||
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