Action Insight Mid-Day Report 4-26-18

Action Insight Mid-Day Report 4-26-18 Euro Holding on to 1.2154 against Dollar on Cautiously Upbeat ECB Draghi, Dollar Weakens as Yields Retreat Euro recovers against Dollar after ECB president Mario Draghi tried to play down concerns over recent weak Eurozone data. But his usual cautiousness is so far capping Euro buying. On the other hand, Dollar's rally also loses some steam, in particular against Yen as 10 year yield dips back below 3% handle. Despite upbeat job data from the US, the impact is offset by disappointing core durable goods orders too. Technically, the focus will stay on whether EUR/USD would break through 1.2154 key support to confirm medium term reversal, or it will break through 1.2244 minor resistance to indicate short term bottoming. Full Report Here   Euro trying to recover as ECB Draghi downplays data. Confident on... ECB President Mario Draghi's press conference statement US jobless claims dropped to lowest since 1969, trade deficit narrowed... SNB Q1 USD holding unchanged at 35%, EUR holding dropped 1% German Gfk consumer climate dropped 0.1 to 10.8. Increasingly insecure state... South Korean Moon and North Korean Kim to plant the tree... Quick Comments Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol SNB Unlikely to Act Despite Recent EURCHF Strength How is US Yield's Breach of 3% Related to Recent Crude... ECB Preview: Caution over Recent Slowdown Won't Affect QE Schedule Central Bank Views | China Watch | Oil N' Gold | Special Topics EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.2135; (P) 1.2186 (R1) 1.2213; More.... Despite breaching 1.2154 key support to 1.2145, EUR/USD quickly recovered. Intraday bias is turned neutral first. But further decline is still expected as long as 1.2244 minor resistance holds. As noted before, decisive break of 1.2154 should confirm the bearish case of medium term reversal. In addition, the break of 100% projection of 1.2475 to 1.2214 from 1.2413 will indicate downside acceleration. In that case, EUR/USD should target 161.8% projection at 1.1991 next. However, break of 1.2244 will indicate strong support from 1.2154 and turn intraday bias back to the upside for 1.2413, to extend recent range trading. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings EUR/USD: Spotlight on Draghi as ECB Holds Policy Unchanged Euro Pares Losses ahead of ECB Rate Decision NZDUSD Erases Some Losses, Possibility Of Retracement In Near Term BoJ To Hold Rates, Stick With Inflation Outlook, Relief As Yen Falls Currencies: EUR/USD Rally Slowing?     Fundamental Analysis | Technical Analysis In-depth Reports Bank Of Japan Preview: Steady as She Goes How is US Yield's Breach of 3% Related to Recent Crude Oil Rally? Trump Holding Fire as Negotiations with China Begin SNB Unlikely to Act Despite Recent EURCHF Strength As 10-Year US Yields Break above 3%, is the Dollar Turning a Corner? U.S. Economic Growth: 2 Be, Or Not 2 Be Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 01:30 AUD Import price index Q/Q Q1 2.10% 1.20% 2.00% 06:00 EUR German GfK Consumer Confidence May 10.8 10.8 10.9 08:30 GBP BBA Loans for House Purchase Mar 37.6K 37.1K 38.1K 38.0K 10:00 GBP CBI Reported Sales Apr -2 -2 -8 11:45 EUR ECB Rate Decision 0.00% 0.00% 0.00% 12:30 EUR ECB Press Conference 12:30 USD Initial Jobless Claims (APR 21) 209K 230K 232K 233K 12:30 USD Advance Goods Trade Balance Mar -68.0B -74.8B -75.9B 12:30 USD Wholesale Inventories M/M Mar P 0.50% 0.60% 1.00% 12:30 USD Durable Goods Orders Mar P 2.60% 1.40% 3.00% 3.00% 12:30 USD Durables Ex Transportation Mar P 0.00% 0.40% 1.00% 1.00% 14:30 USD Natural Gas Storage -11B -36B

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