EurAnalysis

Wow! I'm not very good with intraday trading. I can really only trade trends...

Congratulations Swiss!

You're doing well pippy. Just keep perfecting what you already know. Don't be the jack of all trade.

By the way folks.
I'm out again. It seems I am now addicted to the beautiful weather we are having here in the Med.
I will try to be back for NY open

This tablet is awesome

http://farm1.staticflickr.com/77/173...a7d7ed2d_z.jpg

Who is this again? I don't remember seeing you around. Is this the great Cornholio?

Enjoy your day PT!

Hey PT

What tablet you trading from?

Thanks

No pun intended right?

hehehehe... Pooooofffff....
Bulls can't hold the price above resistance line?
It was only to kill some poor bears with StopLoss?

Well, I just dont get it. Sure ECB is lurking there and borrowing to Spanish banks, creating this chop zone. And now it is all around the wires, that Merkel is supporting ECB. There is one big but though. Although she is supporting ECB, she keeps on repeating ECB bond buying is preconditioned by austerity. And as we all know, neither Greece and neither Spain is austere. Hello, Mr Socialist Hollande with 4,5% of budget deficit. Hello Greeks who still aint able to pass any reforms.

So, it is great Merkel is supporting ECB, but for christ sake, ECB still can not buy those bonds, coz they wont meet austerity conditions. Thats just it. So, we are still waiting till September when Bundestag could approve ESM bond buying. If you think Bundestag will approve bond buying without condition of Spain and Greece austerity, you are fool. And they wont be austere. So please, be reasonable and sell this foker, I cant watch it anymore.

T

Hello Halkins, How about recovery?

Crisis > Recovery > Crisis > Recovery > ...

I am watching USDX closely. EURO alone will not be able to push USDX down.

Bundestag or German Constitutional Court? If it's the Constitutional court you are referring to, because of another confirmed lawsuit filed against the ESM this week, it will delay the decision due on September 12th.

Looks that's the way it works.
I still don't know which fase we are in now.
The price neither broke significantly resistance, neither pulled back...
1 hour candle will be closed in 10 minutes, but for now it looks like a poof sign, we're going back

Lol, now you ve got me. Germans have one chamber parliament, thats Bundestag. Constitutional court is different thing and I didnt know someone has already placed charge against ESM bond buying. If it is that so, although I dont know German laws, I assume Bundestag has to wait for Constitutional court to approve the change. At least thats how it works in most democratic countries.

So, 12th of September it is, huh? I would better mark this date. Thx man,

T

gave another entry oportunity at the high. now stops above and lets see

Which do you find leads the other. I have watched over the years EUR/JPY move before EUR/USD. Has that been your experience ? How do your charts show the correlation ?

Excellent Charts...

Sep't 12th was the original due date. We'll see if that comes to be. Everything is pointing to the fact that it will be delayed because of the new lawsuit.

http://www.actionforex.com/action-in...0120817172338/


European majors staged a strong rebound overnight, together with rally in equities, after German Chancellor Merkel voiced her support to ECB's effort on fighting the debt crisis. Merkel stated that policymakers "feel committed to do everything" they can "in order to maintain the common currency". She also affirmed that Draghi's decisions have "made it clear that the ECB is counting on political action in the form of conditionality as the precondition for a positive development of the euro". These comments indicated that Germany has moved away from the opposition position over the ECB's purchases of Spanish and Italian bonds and further affirm the chance that ECB will be acting soon.

Spanish bond yields slipped as the debt-ridden country will soon receive emergency funding for bailing out Bankia. So far, Spain hasn't requested mobilization of the initial EUR 30b payment for its banks from the EUR 100b bailout program. Also, it's reported again that Spain is going to seek a sovereign bailout at a meeting of finance ministers next month. And as Spain requests for aid, ECB would restart bond purchase as part of an overall package. Spanish 10 year yield dipped to settle at one month low at 6.524% yesterday.

Technically, which European majors were strong, they're all limited by near term resistance at the point of writing. EUR/USD is held below 1.2445 while GBP/USD is held below 1.5767. USD/CHF is way above 0.9656 support. EUR/AUD is kept below 1.1855 and EUR/CAD is kept below 1.2283. Strength was seen in European yen cross with EUR/JPY took out 97.81. But that's more due to weakness of the Japanese yen. So, there rebound could be, just rebound and carry not much technical implications.

In US, Philadelphia Fed Plosser said that he's very dubious" on the impact of additional bond purchases as "there are diminishing returns to these actions". And he doubted if that would help unemployment drop faster. Minneapolis Fed Kocherlakota said the FOMC's pledge to keep rates low through late 2014 is too "far out". He said earlier this week that with unemployment at the current high level, allowing inflation to breach the 2% target "could well be part of an appropriate policy." Dallas Fed Fisher said earlier this week that he doesn't see " any virtue to further quantitative easing". These comments were in sharp contrast to Boston Fed Rosengren's push for a sizeable QE earlier this month.

US 10 year treasury yield jumped further to close at 1.836% yesterday on receding speculation that Fed will announce something significant regarding QE in near term. It should be noted again that it's way above the intraday historical low of 1.394% made on July 24, i.e., less than a month ago. The development will continue to pressure the Japanese yen. Even though USD/JPY took a breath yesterday as buying turned to European yen crosses, it should be just a matter of time when USD/JPY's rally resume to 80 psychological level.

On the data front, New Zealand PPI unexpectedly rose in Q2 with PPI input up 0.6% qoq while PPI output rose 0.3% qoq. German PPI and Eurozone current account and trade balance will be released in European session. Canadian CPI will be the major focus in US session and is expected to rise slightly to 1.6% yoy in July, with core CPI unchanged at 2.0% yoy. U of Michigan sentiment and US leading indicators will also be released.
EUR/JPY Daily Outlook

Daily Pivots: (S1) 97.28; (P) 97.72; (R1) 98.50; More
EUR/JPY rose to as high as 98.17 so far and the break of 97.81 resistance indicates that rebound from 94.11 has resumed. Intraday bias is back on the upside for further rally. The current rebound should at least be a correction to fall from 111.43 and should target 38.2% retracement of 111.43 to 94.11 at 110.72 next. On the downside, break of 95.71 support is needed to signal completion of such rebound. Otherwise, we'll stay bullish even in case of retreat.

Mate, if someone placed charge this or previous week, is it possible court will act so fast? I dont think so, at least from experience from Czech courts. That may be a bad benchmark, but seriously, constitution is not just some piece of paper and I cant believe that Constitutional court will act fast on such an important change of rules. Rules which have been set almost century ago. That beeing said, we may have delay up to the end of September. And a healthy bear till then.

T

We're not disagreeing. Maybe I didn't make myself clear. There will be a delay. This is what is being reported.