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Trade Idea: EUR/GBP - Hold long entered at 0.7940

As the single currency has remained under pressure after Friday's ECB inspired selloff, suggesting caution on our bullishness and 0.7900 needs to hold to retain prospect of another rebound, above 0.7973 (previous support) would bring test of 0.8000-05, however, break of this week's high at 0.8039 is needed to signal

Trade Idea: USD/CAD - Stand aside

The greenback dropped again on Friday and fell to as low as 1.1191 before recovering, however, reckon minor resistance at 1.1326 would limit upside and near term downside risk remains for the erratic decline from 1.1467 (this month's high as well as wave v top) to bring retracement of recent

The Case for a EURUSD Bounce This Week
Given today's Japanese bank holiday (Labor Thanksgiving Day), it's not surprising that the FX markets have gotten off to a bit of a slow start. The performance of the US Dollar has been mixed in Asian and early European trade as traders weigh the sustained uptrend against the lack of

US Session: Orders and Options Watch
EUR: The single currency edged higher in European session as German IFO data came in better than expected, offers at 1.2405-10 were filled but sell orders are still noted from 1.2420 all the way up to 1.2450 (every 10 points interval), more sellers are reported at 1.2465-70 and 1.2490-00, selling

USD/JPY - Steady in Light Holiday Trade
The Japanese yen has started the week quietly, as USD/JPY trades in the low-118 range. The yen remains at the lowest levels we’ve seen since August 2007. Will we see a 120 yen this week? On the release front, there are no Japanese releases on Monday as there is a

Gold Starts Week Close to $1200
Gold has posted modest gains on Thursday, recovering losses sustained a day earlier. The spot price is trading at $1196 per ounce in the European session. On the release front, it's a very quiet day, with only one event, Flash Services PMI. No change is expected in this reading. The euro

Trade Idea Update: USD/CHF - Buy at 0.9630

Although the greenback has opened higher earlier today after last week's late rally, as price has retreated after faltering below recent high of 0.9742, suggesting consolidation with initial downside bias would bee seen and pullback to 0.9655 (previous resistance) cannot be ruled out, however, reckon 0.9620-30 would limit downside and

Trade Idea Update: GBP/USD - Stand aside

As the British pound has rebounded after holding above Friday's low at 1.5626, retaining our view that further consolidation above last week's low of 1.5590 would be seen and recovery to 1.5700 cannot be ruled out but reckon last week's high at 1.5737 would limit upside, bring further sideways trading.

Trade Idea Update: EUR/USD - Sell at 1.2470

Although the single currency opened lower earlier today, as euro has recovered after holding above recent low of 1.2358, suggesting consolidation above this level would be seen and corrective bounce to 1.2430-40 cannot be ruled out, however, reckon 1.2460-70 would limit upside and bring another decline. A break of said

Trade Idea Update: USD/JPY - Stand aside

Although current rebound suggests the pullback from 118.98 (last week's high) has possibly ended at 117.36 on Friday and gain to 118.40-50 cannot be ruled out, a sustained breach above there is needed to add credence to this view, bring retest of said last week's high, break there would confirm

Important Economic Releases To Drive The Market In The Week Ahead
Last week what looked like a lackluster, range-bound market ended with yet another week of strong performance for the overall US Dollar Index (I.USDX). The US Dollar strength was primarily trigger by ECB President Mario Draghi's comments that took the Euro-zone common currency sharply lower and helped I.USDX rise to

GBP/USD Mid-Day Outlook
With 1.5789 resistance intact, deeper decline is still expected in the pair. Current fall from 1.7190 should target 100% projection of 1.7190 to 1.6051 from 1.6523 at 1.5384 next. Nonetheless, break of 1.5789 will indicate short term bottoming and bring stronger rebound back to 1.5944 and above.

USD/CHF Mid-Day Outlook
USD/CHF retreats mildly ahead of 0.9741 resistance and intraday bias remains neutral. The consolidation from 0.9741 might still extend. Below 0.9529 will bring deeper pull back. But in that case, we'd expect strong support from 0.9359 cluster support (38.2% retracement of 0.8702 to 0.9741 at 0.9344) to bring rebound. On

USD/JPY Mid-Day Outlook
As noted before, USD/JPY is close to 120 key cluster level around 120. That includes 161.8% projection of 101.08 to 110.08 from 105.19 at 119.75 and long term fibonacci level at 120.13. Also, bearish divergence condition is also seen in 4 hours MACD. Risk of near term topping is rather

EUR/USD Mid-Day Outlook
EUR/USD recovers mildly ahead of 1.2357 support and intraday bias remains neutral. More consolidation could be seen. But with 1.2613 resistance intact, deeper decline is expected. Below 1.2357 will target 61.8% projection of 1.3700 to 1.2500 from 1.2886 at 1.2144. However, break of 1.2613 will indicate short term bottoming with

Mid-Day Report: Euro Mildly Higher on German Ifo
Euro recovers mildly today with a little help from better than expected confidence data. German Ifo business climate rose to 104.7 in November versus expectation of 103.0. Current assessment gauge rose to 110..0 versus expectation of 108.0. Expectations gauge rose to 99.7 versus consensus of 95.5. The gauges ended six

German IFO Expectations Increased for First Time Since April
German IFO expectations have increased for the first time since April and were at 99.7 in November up from 98.3 in October. The improvement was in line with the financial ZEW expectations, which is usually a good leading indicator for IFO expectations. The increase in IFO expectations was broad-based with higher

EUR/USD - Euro Close to 2-Year Lows After Draghi Remarks
EUR/USD is stable on Monday, as the pair trades at the 1.24 line in the European session. On the release front, there was good news out of Germany, as Ifo Business Climate improved to 104.7 points in November. Later in the day, we'll get a look at Belgian NBB Business

EUR Weakens As Traders Price In The QE, EUR/CHF Stable
The EUR-complex started the week downbeat as it was Asian traders’ turn to adjust EUR-positions post-Draghi. EUR/USD hit 1.2360 at early trading hours – a stone’s throw higher than November’s 1.2358 low. At his speech in European Banking Congress on Nov 21st, ECB President Draghi said to consider broader asset

European Market Update: IFO Business Climate Survey Registers Its 1st MoM Improvement In 7 Months
The EUR/USD hovered near the 1.24 level in quiet trading on Monday after German IFO Business Climate Survey registered its f1st MoM improvement in 7 months. Peripheral and other European yields continued to hit record lows. Spanish 10-year gov't yield below 2.00% level in early European trading for record

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