Daily i forex report 10 august 2018 by epiv research

1. 10-Aug-2018
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International Forex

2. International Forex
INTERNATIONAL CURRENCY BUZZ
Forex - US Dollar Digestion Comes Back Ahead of US Inflation
Forex - GBP/USD spikes and retreats, back below 1.2900 handle
Forex - EUR/USD stays below 1.1600 post-US data
GBP/USD
The GBP/USD pair reversed an early dip to fresh 11-month lows and spiked beyond the 1.2900 handle in the last
hour, albeit quickly retreated around 20-25 pips. Incoming Brexit headlines continue to play a key role in driving the
sentiment surrounding the British Pound, with some positive Brexit development helping the pair to stage a goodish
rebound from an intraday low level of 1.2942. According to a report, via the Business Insider, the EU member states
are reportedly willing to consider a Brexit deal, which will allow Britain to remain in the single market for goods
while opting out of the free movement of people. The news provided a minor boost to the British Pound and
prompted some short-covering move from a support marked by a downward sloping descending trend-channel
formation on the daily chart. The uptick, however, lacked any strong follow-through as investors believed that any
such deal is likely to get rejected in the UK Parliament as it will limit the country's ability to strike a new free trade
deal.
EUR/USD
The single currency keeps the negative ground so far today and is now prompting EUR/USD to navigate within the
daily range below the 1.1600 milestone. The pair remained apathetic despite today’s US docket came in on a mixed
tone. In fact, US Producer Prices came in flat on a monthly basis during July and rose 3.3% over the last twelve
months. Prices excluding energy and food costs gained 0.1% inter-month and 2.7% on a yearly basis. Further US
releases saw Initial Claims rising 213K WoW, bettering estimates and taking the 4-week Average to 214.25K from
214.75K. In the meantime, spot is looking to consolidate after failing to break above the 1.1630 region earlier in the
week. The inability to move further north of this area could originate some consolidation in the near term with the
likelihood of a deeper retracement afterwards.

3. International Forex
DAILY ECONOMIC DATA

4. International Forex
EPIC'S ANALYST SPEAKS
GBP/USD Daily Chart
INTRADAY OUTLOOK
Support: 1.2789
Resistance: 1.3009
RECOMMENDATION:
BUY GBPUSD ABOVE 1.2920 TGT 1.2940 1.2970 SL 1.2890
SELL GBPUSD BELOW 1.2840 TGT 1.2820 1.2790 SL 1.2870

5. International Forex
EPIC'S ANALYST SPEAKS
EUR/USD Daily Chart
INTRADAY OUTLOOK
Support: 1.1546
Resistance: 1.1662
RECOMMENDATION:
BUY EURUSD ABOVE 1.1600 TGT 1.1620 1.1650 SL 1.1570
SELL EURUSD BELOW 1.1550 TGT 1.1530 1.1500 SL 1.1580

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