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Mid-Day Report: Euro Stays Weak after Greek ReferendumEuro remains the weakest major currency today as pressured after the surprised result of Greek referendum. The Swiss Franc closely followed as the second weakest major currencies. Canadian dollar was the third weakest as pressured by the selloff in crude oil. meanwhile, Yen is strong as lifted by risk reversion, followed by dollar. Nonetheless, it should be noted that there wasn't much follow through trading after initial spikes in the currency markets. Traders seem to remain cautious on the aftermath of the Greek vote. In stock markets, European major indices are broadly lower with DAX down -1.45%, CAC down -1.77% and FTSE down -1.3% at the time of writing. US futures also point to a sharply lower open. | |
Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.1074; (P) 1.1096 (R1) 1.1127; More.... Intraday bias in EUR/USD remains neutral for the moment. At this point, we're favoring the case that corrective rebound from 1.0461 has completed at 1.1466 already. Another fall is expected and below 1.0954 will target 1.0818 support for confirmation. Break of 1.1436 will extend such rebound but in that case, strong resistance should be seen from 38.2% retracement of 1.3993 to 1.0461 at 1.1810 to bring reversal. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: Although the single currency ran into resistance just below 1.1100 and retreated, bids are still noted at 1.1000 and 1.0980, buy orders are expected at 1.0960, 1.0930 and 1.0900, buying interest is located at 1.0880, 1.0850 and 1.0825, mixture of bids and stops is located at 1.0800. On the upside, offers are now seen at 1.1095-00, 1.1120 and 1.1145-50, sell orders are reported at 1.1180, 1.1200 and 1.1220-25, selling interest is tipped at 1.1245, 1.1280 and 1.1300. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: GBP/USD - Sell at 1.5665The British pound has remained under pressure after meeting renewed selling interest at 1.5645, suggestig the decline from 1.5930 top is still in progress and may extend weakness to 1.5500-10, however, loss of downward momentum should prevent sharp fall below 1.5487 support and reckon 1.5460 (61.8% Fibonacci retracement of 1.5170-1.5930) would hold from here, price should stay above previous resistance at 1.5441 Trade Idea Update: EUR/USD - Stand asideAlthough the single currency has retreated after intra-day rebound to 1.1096 and consolidation with mild downside bias is seen, below 1.1000 would signal the rebound from 1.0969 intra-day low has ended, bring retest of this level, however, break there is needed to signal the fall from 1.1436 has resumed and extend weakness to previous support at 1.0954 (last week's low) first, however, further consolidation is in store. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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