The document provides a daily report on international forex markets and recommendations. It discusses the dollar backing off from 11-1/2 year highs and the yen gaining despite downward revisions to GDP. The GBP/USD rose but further upside is seen as limited. Support and resistance levels are provided along with recommendations to buy or sell currency pairs. The report also reviews EUR/USD movements and provides similar analysis and trading recommendations.
2. INTERNATIONAL CURRENCY BUZZ
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Forex-Dollar backs off 11-1/2 year highs amid profit taking.
Forex-Yen gains despite downward revsions to 4Q GDP.
Forex-GBP/USD rises but upside seen limited.
GBP/USD
GBP/USD hit 1.5111 during European morning trade, the session high; the pair subsequently consolidated at
1.5097, advancing 0.42%.The dollar strengthened broadly after official data on Friday showed that the U.S.
economy added 295,000 jobs in February, far more than the 240,000 forecast by economists. The unemployment
rate ticked down to 5.5% from 5.7% in January, the lowest since May 2008.The strong report fuelled expectations
that the Federal Reserve will start raising interest rates around the middle of this year.Market participants began to
redirect their attention to Greece as the euro group of finance ministers was to hold talks in Brussels later in the
day to discuss proposed Greek economic reforms.Last month Athens reached a temporary agreement with its
lenders to extend its bailout by four months, but must complete a bailout review before it can access further
financial aid.
EUR/USD
EUR/USD was last up 0.30% to 1.0872, recovering from overnight lows of 1.0823.The euro’s gains looked likely to
be held in check as the eurogroup of euro zone finance ministers prepared to hold talks in Brussels later in the day
to discuss proposed Greek economic reforms.Last month Athens reached a temporary agreement with its lenders to
extend its bailout by four months, but must complete a bailout review before it can access further financial aid.Also
Monday, the European Central Bank confirmed that it started asset purchases under its quantitative easing
program.
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INTRADAY OUTLOOK
Support: 1.5052
Resistance: 1.5133
RECOMMENDATION:
1. Buy GBP/USD Above 1.5135-TG: 1.5155/1.5185 SL 1.5105
2. Sell GBP/USD Below 1.5050-TG: 1.5030/1.5000 SL 1.5080
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: 1.0855
Resistance: 1.0934
RECOMMENDATION:
1. Buy EUR/USD Above 1.0932-TG: 1.0912/1.0892 SL 1.0962
2. Sell EUR/USD Below 1.0853-TG: 1.0833/1.00803 SL 1.0883
6. DISCLAIMER
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