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Action Insight Market Overview	Markets Snapshot
Mid-Day Report: Euro Soars as New ECB Easing Disappoints Bears Euro jumps sharply as bears see the new stimulus measures by ECB as a disappointment. The main refinancing rate was held at 0.05% as widely expected. Meanwhile, the deposit rate was cut by 10bps to -0.30%, and that's slightly smaller that what the markets priced in. ECB president Mario Draghi also said in the post meeting press conference that the current asset purchase program will be extended through March 2017, comparing to the original plan of September 2016. The purchase will also now include regional government bonds. That is, ECB shied away from expanding the size of quantitative easing. Draghi also noted that the central bank is doing more because "it works, not because it fails" and they would like to "consolidate something that has been a success". The decision was not unanimous by was done with "large majority". Full Report Here...
Featured Technical Report
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0565; (P) 1.0599 (R1) 1.0649; More..... The strong rebound in EUR/USD indicates short term bottoming at 1.0517 on bullish convergence condition in 4 hours MACD, just ahead of 1.0461 key support level. Fall from 1.1713 should be completed and intraday bias is turned back to the upside for 1.1086 support turned resistance first. Break will target 1.1713 resistance. Price actions from 1.0461 are still viewed as a consolidation pattern. Hence we'd expect strong resistance around 38.2% retracement of 1.3993 to 1.0461 at 1.1810 to limit upside and bring down trend resumption eventually. 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
00:30	AUD	Trade Balance (AUD) Oct	-3.31B	-2.61B	-2.32B	-2.4B
08:45	EUR	Italy Services PMI Nov	53.4	53.9	53.4
09:00	EUR	Eurozone Services PMI Nov F	54.2	54.6	54.6
09:30	GBP	UK Services PMI Nov	55.9	55.1	54.9
10:00	EUR	Eurozone Retail Sales M/M Oct	-0.10%	0.20%	-0.10%
12:30	USD	Challenger Job Cuts Y/Y Nov	-13.90%		-1.30%
12:45	EUR	ECB Rate Decision	0.05%	0.05%	0.05%
13:30	EUR	ECB Press Conference
13:30	USD	Initial Jobless Claims (NOV 28)	269K	269K	260K
15:00	USD	Factory Orders Oct		0.90%	-1.00%
15:00	USD	ISM Non-Manufacturing Composite Nov		58.1	59.1
15:30	USD	Natural Gas Storage			9B

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency fell initially to 1.0523 before staging a rally on unusually hawkish tone from Draghi, most offers are cleared on the way up, some sell orders are reported at 1.0900 and 1.0930. On the downside, bids are now seen at 1.0770, 1.0740-50 and 1.0700-10, buying interest is tipped at 1.0670, 1.0645-50 and 1.0620.

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Forex Trade Ideas

Trade Idea Update: USD/CHF - Sell at 1.0170

Although the greenback rebounded to 1.0270, renewed selling interest emerged there and dollar tumbled on back of the rally in euro, suggesting top has been formed at 1.0328 last week and the decline from there may extend weakness to 1.0080, then 1.0050, however, near term oversold condition should limit downside and reckon previous support at 0.9990 would hold, bring rebound later.

Trade Idea Update: USD/JPY - Hold long entered at 122.70

Although the greenback retreated after rising to 123.67 yesterday (just missed our upside target at 123.70), as 123.10 has contained pullback and dollar has rebounded, retaining our bullishness for the rise from 122.26 to extend gain towards resistance at 123.76. Looking ahead, only a break of this level would signal medium term upmove has resumed for headway to 124.00-10 first.