The document provides a daily report on international forex markets and analysis. It notes that the dollar advanced against the yen and euro slid. The EUR/USD hit session lows despite upbeat eurozone data. USD/JPY extended gains ahead of US data on private sector jobs and services. Analysts provide intraday outlook and recommendations to buy or sell certain currency pairs based on technical analysis of hourly charts, with targets and stop loss levels. The disclaimer at the end notes that the information and views are for educational purposes and people should do their own research before making investment decisions.
2. INTERNATIONAL CURRENCY BUZZ
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Forex - Dollar advances against yen, euro slides
Forex - USD/JPY extends gains ahead of U.S. data
Forex - EUR/USD hits session lows despite upbeat EZ data
EUR/USD
EUR/USD hit lows of 1.3707, the weakest since Friday, and was last down 0.22% to 1.3711.The pair was
likely to find support at 1.3685 and resistance at 1.3743, the session high.The euro remained lower despite
data on Wednesday confirming that the final euro zone composite purchasing managers’ index was revised up
to a 32-month high of 53.3 from a preliminary estimate of 52.7.The euro area services PMI rose 52.6 in
February, from a final reading of 51.6 in January and higher than the flash estimate of 51.7.Germany’s
composite PMI soared to a 33-month high but France’s fell to a two-month low of 47.7. The rate of growth in
Italy’s service sector rose to an almost three year high last month.
USD/JPY
USD/JPY touched highs of 102.47, the highest since February 26 and was last up 0.23% to 102.45.The pair
was likely to find support at 101.75 and resistance at 102.80.Risk appetite recovered as the threat of war
between Russia and Ukraine eased after Russian President Vladimir Putin said on Tuesday that a military
deployment in Ukraine is not needed now.Investors remained cautious with Russian forces still maintaining a
military presence in Ukraine’s Crimea region, but diplomatic efforts to end the standoff continued.Markets
were looking ahead to a report on U.S. private sector jobs growth, and data from the Institute of Supply
Management on service sector growth due out later in the trading day.
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4. EPIC'S ANALYST SPEAKS
GBP/USD Hourly Chart
INTRADAY OUTLOOK
Support: 1.6610
Resistance: 1.6770
RECOMMENDATION:
1. Buy GBP/USD Above 1.6740- TG: 1.6760/ 1.6800 SL 1.6700
2. Sell GBP/USD Below 1.6690- TG: 1.6670/ 1.6630 SL 1.6730
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5. EPIC'S ANALYST SPEAKS
EUR/USD Hourly Chart
INTRADAY OUTLOOK
Immediate Support: 1.3715
Immediate Resistance: 1.3795
RECOMMENDATION:
1. Buy EUR/USD Above 1.3750- TG: 1.3770/1.3810 SL 1.3710
2. Sell EUR/USD Below 1.3715- TG: 1.3695/1.3660 SL 1.3745
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