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Mid-Day Report: Dollar Surges as ADP Met ExpectationsDollar strengthens in early US session as employment data met expectation. ADP report showed 182k growth in private sector jobs in October. Trade deficit narrowed to USD -40.88 in September. Exports rose 1.6% to USD 187.9b while imports dropped -1.8% to USD 22.87b. Focus will turn to Fed chair Janet Yellen's testimony and ISM services. But EUR/USD might take out 1.0896 support as recent decline resumes. Released from Canada, trade deficit narrowed to CAD -1.73b in September. | |
Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.0923; (P) 1.0977 (R1) 1.1017; More..... EUR/USD is heading back to 1.0896 support but intraday bias remains neutral first. We're holding on the view that corrective rise from 1.0461 has already completed ahead of 38.2% retracement of 1.3993 to 1.0461 at 1.1810. Break of 1.0896 will target 1.0807 support first. Break will pave the way for 1.0461 low. This will remain the preferred case as long as 1.1495 resistance holds. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency has continued to trade lower but buy orders are still noted at 1.0900, 1.0885 and 1.0850, buying interest is tipped at 1.0830 and 1.0800, fresh demand should emerge around 1.0785 and 1.0750. On the upside, offers are seen at 1.0950-60, 1.0980 and 1.1000, sell orders are expected at 1.1020-25 and 1.1050, selling interest is located at 1.1075-80 and 1.1100. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF - Buy at 0.9875Dollar's rebound after holding above support at 0.9836 and the subsequent breach of indicated resistance at 0.9911 signal the pullback from 0.9958 has ended at 0.9836, hence bullishness remains for a retest of this level, above there would extend recent upmove to 0.9970-75, then towards psychological resistance at 1.0000 which is likely to hold Trade Idea Update: EUR/USD - Stand asideAs the single currency has remained under pressure after dropping from 1.1073, suggesting correction from 1.0897 has ended there and retest of this level would be seen, however, loss of near term downward momentum would prevent sharp fall below 1.0870 and reckon 1.10840-50 would hold from here, risk from there has increased for a rebound later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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