The document provides a daily report on international forex markets and makes recommendations for currency pairs GBP/USD and EUR/USD. It discusses recent movements in these pairs, providing support and resistance levels. Recommendations are given to buy or sell the pairs above or below certain price levels, with targets and stop loss points defined. Disclaimers are provided stating that the views are not a recommendation and that investment risks are involved.
2. INTERNATIONAL CURRENCY BUZZ
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Forex- EUR/USD continues rally, remaining above 1.09 in U.S. afternoon trading.
Forex- Dollar remains broadly lower after U.S. housing data.
Forex- GBP/USD drops ahead of U.K. industrial orders data.
GBP/USD
GBP/USD hit 1.4839 during European morning trade, the pair's lowest since Friday; the pair subsequently
consolidated at 1.4867, retreating 0.57%.Cable was likely to find support at 1.4720, Friday's low and resistance at
1.5012, the high of March 19.The pound dropped against the U.S. dollar on Monday, as the greenback regained
some ground after declining sharply last week on the back of fresh uncertainty over the timing of a U.S. rate hike,
while markets eyed upcoming U.K. data on industrial orders expectations.The dollar remained under pressure
amid uncertainty over the path of U.S. monetary policy after the Federal Reserve downgraded its forecasts for
growth and inflation and lowered its interest rate projections last week.
EUR/USD
EUR/USD hit 1.0940 during U.S. morning trade, the pair's highest since March 18; the pair subsequently
consolidated at 1.0931, advancing 1.04%.The pair was likely to find support at 1.0648, the low of March 20 and
resistance at 1.1032, the high of March 18. The euro pushed higher against the U.S. dollar on Monday, amid hopes
for progress on the Greek debt front, while uncertainty over the timing of a U.S. rate hike continued to dampen
demand for the greenback. While the U.S. dollar extended its recent slide against the euro on Monday, comments
from Federal Reserve vice chair Stanley Fischer and leaders in Europe discussing the Greek financial crisis had
little impact on currency prices in afternoon trading.
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INTRADAY OUTLOOK
Support: 1.4880
Resistance: 1.4940
RECOMMENDATION:
1. Buy GBP/USD Above 1.4942-TG: 1.4962/1.4992 SL 1.4912
2. Sell GBP/USD Below 1.4878-TG: 1.4958/1.4928 SL 1.4908
EUR/USD Hourly Chart
EPIC'S ANALYST SPEAKS
GBP/USD Hourly Chart
5. EPIC'S ANALYST SPEAKS
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EUR/USD Hourly Chart
INTRADAY OUTLOOK
Support: 1.0960
Resistance: 1.1020
RECOMMENDATION:
1. Buy EUR/USD Above 1.1022-TG: 1.1042/1.1072 SL 1.0992
2. Sell EUR/USD Below 1.0958 -TG:1.0938/1.0908 SL 1.0988
6. DISCLAIMER
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