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Mid-Day Report: Euro Weakness Continues Despite Better Than Expected German ConfidenceEuro stays soft in spite of slightly better than expected German data. German Ifo business climate dropped to 108.2 in October but was better than expectation of 108.0. Current assessment gauge dropped to 112.6 versus expectation of 113.3. But expectations gauge rose to 103.8 versus expectation of 102.3. Ifo president Hans-Werner Sinn noted that "the German economy is proving remarkably resilient in view of this autumn's multiple challenges." And, "the Volkswagen scandal has had no impact on the German automotive industry." |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.0959; (P) 1.1049 (R1) 1.1102; More..... Intraday bias in EUR/USD remains on the downside for the moment. Fall from 1.1713 has just resumed. And corrective rise rise from 1.0461 has already completed ahead of 38.2% retracement of 1.3993 to 1.0461 at 1.1810. Deeper fall would be seen to 1.0807 support next. Break will pave the way for a test on 1.0461. On the upside, above 1.1139 minor resistance will turn bias neutral and bring consolidation before staging another decline. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency traded narrowly and further consolidation is in store, sell orders are reported at 1.1075-80, 1.1100 and 1.1125, selling interest is tipped at 1.1150, 1.1175-80 and 1.1200. On the downside, bids are seen at 1.1000, 1.0985 and 1.0960, buy orders are expected at 1.0930, 1.0900 and 1.0885, buying interest should emerge around 1.0850, 1.0830 and 1.0800. | |||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: GBP/USD - Sell at 1.5400Cable's selloff from 1.5510 (last week's high) adds credence to our view that top has been formed there and bearishness remains for this fall to bring at least a strong retracement of recent upmove, hence weakness to 1.5300 and 1.5280 would be seen, however, reckon downside would be limited to 1.5260-65 Trade Idea Update: USD/CHF - Buy at 0.9715As the greenback has risen again after finding support around the Kijun-Sen, suggesting the rise from 0.9476 is still in progress and may extend gain to 0.9844 resistance, however, break of this previous chart point is needed to retain bullishness and signal early upmove has resumed for headway towards 0.9890-00 which is likely to hold Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||
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