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Daily Report: EUR/USD Hit Two Year Low on ESM Delay
Euro dipped to another two year low against dollar after Germany's Constitutional Court delayed its decision on Eurozone's permanent bailout fund ESM. While the German's parliament ratified legislation on ESM back in June with overwhelming majority, lawsuits from citizens put the bailout fund and fiscal pact on hold . After a 12 hours hearing, the Constitutional Court could not make a decision on ESM's legality and it could take months, rather than weeks before reaching a conclusion. ESM is originally expected to replace the temporary bailout fund EFSF in early July, but it couldn't come into operation before German's ratification of the treaty.
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| Featured Technical Report | |
EUR/GBP Daily Outlook
Daily Pivots: (S1) 0.7879; (P) 0.7906; (R1) 0.7921; More.
EUR/GBP drops further to as low as 0.7891 so far and intraday bias remains on the downside for 61.8% projection of 0.8505 to 0.7949 from 0.8156 at 0.7812. Though, we'll remain cautious on reversal signal as it approaches next long term fibonacci level at 0.7782. On the upside, above 0.7949 minor resistance will turn bias neutral and bring consolidation before staging another fall.
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| Economic Indicators Update | 
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Orders and Options Watch
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European Session: Orders and Options Watch
EUR: The single currency confined within narrow range this morning in thin Asian trading, German final CPI came in line with expectations and further consolidation is in store ahead of FOMC meeting minutes later today. At the moment, offers are still noted at 1.2300 and 1.2330-35 with some stops placed above latter level but sizeable sell orders from various names remain at 1.2350 with more stops placed above 1.2370 but fresh offers should emerge around 1.2400-10. On the downside, mixture of bids and stops remain at 1.2230-40 with more option defensive bids located further out at 1.2200-10 (for protection of 1.2200 barrier).
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Trade Idea: EUR/USD – Sell at 1.2350 or buy at 1.2135
Although euro met renewed selling interests at 1.2334 yesterday and fell to 1.2236 overnight, break of this week’s low at 1.2230 is needed to confirm recent decline has resumed and extend weakness towards 1.2200 and possibly 1.2170, however, loss of momentum should prevent sharp fall below 1.2136 (50% projection of 1.2627-1.2230 measuring from 1.2334), bring rebound later today.
Trade Idea: USD/CHF – Buy at 0.9695
Despite yesterday’s rebound from 0.9740 to 0.9815, above indicated resistance at 0.9825 is needed to confirm recent upmove has resumed and extend gain to 0.9845-50, however, loss of near term momentum would limit upside to 0.9875-80, risk from there is seen for a retreat later.
Candlesticks Intraday Trade Ideas Update Schedule (GMT):
1st Update: 0630 - 0700; 2nd Update: 0930 - 1000; 3rd Update: 1230 - 1300; 4th Update: 1500 - 1530 Pairs Covered: EUR/USD, USD/JPY, GBP/USD, USD/CHF
Elliott Wave Daily Trade Ideas Update Schedule (GMT):
AUD/USD, EUR/JPY: 0800 - 0830; EUR/GBP, USD/CAD: 1430 - 1500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
Technical Highlights
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