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Mid-Day Report: Euro Higher as Greece Seeks Three Year Bailout, Pledges Reforms Euro and European are generally higher on news that Greek prime minister Alexis Tsipras sent a letter to European bailout fund demanding a three year bailout from Eurozone's rescue fund and promised to start implementing some of the reforms as soon as early next week. The letter noted that "we trust Member States appreciate the urgency of our Loan request at this time given the fragility of our banking system, our shortage of available liquidity, our upcoming obligations, our buildup of internal arrears, and our expressed desire to clear our outstanding arrears with the IMF and the Bank of Greece." Meanwhile, Tsipras also admitted that the country is "on the verge of bankruptcy" and pledged to submit a detailed reform proposal to unlock further financial aids. Full Report Here...
Featured Technical Report
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0984; (P) 1.1040 (R1) 1.1110; More.... EUR/USD recovers mildly today and intraday bias is turned neutral first. At this point, we're favoring the case that corrective rebound from 1.0461 has completed at 1.1466 already. Deeper decline is expected and break of 1.0818 will confirm this case and pave the way for a test on 1.0461 low. On the upside, above 1.1120 minor resistance will turn intraday bias back to the upside for 1.1436/1466 resistance zone. 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
23:01	GBP	BRC Shop Price Index Y/Y Jun	-1.30%		-1.90%
23:50	JPY	Current Account (JPY) May	1.64T	1.38T	1.27T
05:00	JPY	Eco Watchers Survey: Current Jun	51	53.2	53.3
12:30	CAD	Building Permits M/M May	-14.50%	-5.20%	11.60%	12.10%
14:30	USD	Crude Oil Inventories		-0.6M	2.4M
18:00	USD	FOMC Meeting Minutes

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency continued to edge higher, however, sell orders are still noted at 1.1085, 1.1100 and 1.1120, selling interest is tipped at 1.1145-50, 1.1180 and 1.1200, sellers are awaiting at 1.1220-25 and 1.1245-50. On the downside, bids are seen at 1.1025, 1.1000-10 and 1.0980, more buy orders are expected at 1.0960, 1.0940 and 1.0925, buying interest should emerge around 1.0900, 1.0880, 1.0850 barrier and 1.0825, mixture of bids and stops is located at 1.0800.

Trade Idea Update: USD/CHF - Hold long entered at 0.9430

As the greenback has rebounded again after intra-day brief fall to 0.9409, adding credence to our view that pullback from 0.9516 (yesterday's high) has ended there and retest of said resistance is likely, however, break there is needed to extend the rise from 0.9151 towards 0.9543 resistance. Looking ahead, only break of this level would signal the erratic upmove from 0.9072 low has resumed for headway to 0.9570-75

Trade Idea Update: GBP/USD - Sell at 1.5470

As the British pound has remained under pressure after yesterday's selloff, adding credence to our bearish view that the decline from 1.5930 top is still in progress and may extend weakness to 1.5345-50 (76.4% retracement of 1.5170-1.5930) then towards 1.5320-25, below there would signal early rise has ended, then further fall to 1.5300 would follow, however, reckon 1.5270-75 would hold from here