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Mid-Day Report: Stocks Rebound as Greece Made Concession, Dollar Firm on ADP JobStocks markets stage a strong rebound today on news that Greece made concessions in the negotiation with the international creditors. At the time of writing, DAX and CAC are both trading up more than 2.4% and FTSE is up 1.4%. US futures also point to sharply higher open. It's reported that Greek prime minister Alexis Tsipras sent a letter overnight to EC president Jean Claude Juncker, ECB president Mario Draghi and IMF head Christine Lagarde. The letter stated that Tsipras is ready to accept most conditions on the table last week before the talk collapsed and he called a referendum. There were amendments on six areas including VAT reform, fiscal structure measures, pensions, labor markets and product markets. Nonetheless, it's reported that Germany has stated it clear that no agreement could be made before the referendum in Greece this Sunday on July 5. | |
Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 122.04; (P) 122.38; (R1) 122.83; More... A temporary low is in place in USD/JPY at 121.93 and intraday bias is turned neutral. Fall from 125.85 is viewed as a correction and might have completed. Focus is back on 124.43 resistance. Break will suggest that the larger up trend might be resuming and would target a test on 125.85 first. Nonetheless, below 121.93 will extend the fall correction to 61.8% retracement of 118.88 to 125.85 at 121.54. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency ran into renewed selling interest at 1.1171 and has fallen again, bids at 1.1100 and 1.1080 were filled but buy orders are still noted at 1.1050 and 1.1030, buying interest is tipped at 1.1000 and 1.0980, fresh demand should emerge around 1.0960, 1.0930 and 1.0900. On the upside, offers are now seen at 1.1120-30, 1.1150 and 1.1170 (stops above 1.1175-80), sell orders are reported at 1.1200 and 1.1220-25, sellers are located at 1.1245 and 1.1280, selling interest is expected 1.1300, 1.1330 and 1.1350. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: EUR/USD - Target met and stand asideThe single currency has fallen again after meeting renewed selling interest at 1.1171 earlier today, justifying our bearish view and our short position entered at 1.1170 reached indicated downside target at 1.1070, this anticipated decline add credence to our view that top has been formed at 1.1278 and consolidation with downside bias remains for weakness to 1.1050, however, below 1.1030-35 is needed to signal the rebound from 1.0954 (Monday's low) has ended Trade Idea Update: GBP/USD - Sell at 1.5700As cable has fallen again after meeting renewed selling interest at 1.5732 and price just broke below support at 1.5664, suggesting recent fall from 1.5930 is still in progress and may extend weakness to 1.5615-20 (61.8% Fibonacci retracement of 1.5422-1.5930), then 1.5595-00 but price should stay well above support at 1.5542 due to near term oversold condition. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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