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Mid-Day Report: Euro Mildly Lower as Traders Turn Focus to ECBEuro weakens mildly today as markets are turning their focus to ECB meeting later in the week. ECB council member said in an interview that it's "too early" to determine the long term trends inflation and "one needs to be aware that such low inflation is caused by low oil and commodity prices." Also, he noted that it's "too early" to talk about adjusting the quantitative easing program. Earlier, Nowotny was quoted saying that the central bank might need new instrument to boost growth and inflation fueled speculations that President Draghi would deliver a more dovish statement this week. Nowotny acknowledged growth and inflation targets were missed. According to him, "the ECB is using monetary policy instruments available but in my view it's quite obvious that ... additional sets of instruments are necessary". He added that the instruments "include structural measures ... but also on the demand side of the economy and also on the institutional factors of the economy... It was the clearest suggestion yet from a senior policy maker that a wait-and-see approach may be insufficient and that the ECB may not have all the answers". |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.1323; (P) 1.1359 (R1) 1.1383; More..... Intraday bias in EUR/USD is neutral for the moment. It's still possible that the pattern from 1.1086 is a sideway consolidation. Break of 1.1104 support will extend the fall from 1.1713. More importantly, that will revive that case that whole rebound from 1.0461 has completed and will turn outlook bearish for retesting this low. Above 1.1495 will likely have a test on 38.2% retracement of 1.3993 to 1.0461 at 1.1810 before the corrective rise from 1.0461 finishes. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency slipped again and bids at 1.1330-35 were filled, however, buy orders are still noted at 1.1300, 1.1285 and 1.1265, buying interest is tipped at 1.1250, 1.1230 and 1.1200. On the upside, offers are seen at 1.1345-50, 1.1375-80 and 1.1400, sell orders are expected at 1.1425-30 and 1.1455-60, selling interest should emerge around 1.1485 and 1.1500 (stops above). | |||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: USD/CHF - Sell at 0.9605The greenback has rebounded again and near term upside risk is seen for the corrective bounce from 0.9476 low to bring retracement of recent decline, however, reckon upside would be limited to 0.9605-10 (50% Fibonacci retracement of 0.9740-0.9476) and bring another decline, below 0.9520-25 would suggest an intra-day top is formed, bring weakness to 0.9495-00, then retest of 0.9476 Trade Idea Update: USD/JPY - Buy at 118.90Although the greenback dropped last week to as low as 118.06, the subsequent rebound suggests low has possibly been formed there and consolidation with upside bias is seen, above Friday's high of 119.66 would extend the rebound from 118.06 towards 120.00, however, only a break of resistance at 120.35 would add credence to this view Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||
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