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Daily Report: Euro Dipped on ECB Talks, No Follow Through Selling YetEuro dipped overnight on continuous talk of additional stimulus by ECB in December and EUR/USD reached a seven month low. Swiss Franc was also dragged down with USD/CHF breaching 1.0239 key resistance to the highest level since 2010. But so far, there is no follow through buying in the greenback, partly due to holiday in US today. Nonetheless, the trend will likely continue as markets enter into a key month in December, when Fed is expected to hike rate while ECB is expected to expand easing. Elsewhere in the currency markets Sterling is so far the weakest one this week as weighed down by dovish comments from BoE chief economist earlier. Canadian dollar is the strongest as crude oil seems to be support well by 40 handle for the moment. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 129.81; (P) 130.29; (R1) 130.80; More... EUR/JPY is losing some downside momentum but there is no clear sign of bottoming yet. Sustained break of lower channel support (now at 129.58) will pave the way for a test on 126.09 low. On the upside, break of 133.18 resistance will indicate near term reversal and turn focus back to 136.38 resistance. |
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| Orders and Options Watch | ||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency tumbled today in part due to ECB rumors, bids at 1.0620, 1.0600 and 1.0580-85 were filled, however, buy orders are still noted at 1.0550 and 1.0525-30, mixture of bids and stops is tipped at 1.0500. On the upside, offers are now seen at 1.0620-30, 1.0650-60 and 1.069-00, sell orders are expected at 1.0720-25, 1.0745 and 1.0760, selling interest should emerge around 1.0780-85 and 1.0800. | ||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||
Trade Idea: EUR/GBP - Hold long entered at 0.7040Current selloff after failing to penetrate yesterday's high of 0.7080 suggests consolidation would be seen, however, as long as 0.7000 holds, further consolidation above last week's low of 0.6982 would take place and mild upside bias remains for another rebound, above said resistance at 0.7080 would bring retracement of recent decline and gain to resistance at 0.7110 would follow Trade Idea: USD/CAD - Stand asideDespite rising to 1.3436 earlier this week, the subsequent retreat has retained our view that consolidation below this level would be seen and pullback to 1.3270 cannot be ruled out, however, break of 1.3245-50 is needed to signal top has been formed there, bring retracement of recent upmove to 1.3200, then towards 1.3160-70 which is likely to hold from here. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||
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Fundamental Highlights
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