2. INTERNATIONAL CURRENCY BUZZ
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➔ Forex - Euro slumps to 16-month lows against sterling
➔ Forex - Pound slips lower against dollar
➔ Dollar hits fresh 1-month highs vs. euro after ZEW miss
EUR/GBP
➔ EUR/GBP touched lows of 0.8138, the weakest level since January 2013, and was last trading at 0.8140, 0.18%
lower for the day.The pair was likely to find support at 0.8085 and resistance at 0.8173, the session high.The drop
in the euro came after media reports that Germany’s central bank is open to more stimulus measures from the
ECB.The Wall Street Journal reported the Bundesbank would back monetary easing measures if they were needed
to keep persistently low levels of inflation from becoming entrenched in the euro zone.The ECB warned last week
that it is “comfortable” with acting at its next meeting in June after it has a chance to review the latest economic
projections.The single currency also came under pressure after data showed that German economic sentiment fell
to a 16-month low in May.
GBP/USD
➔ GBP/USD hit 1.6826, the lowest since May 2 and was last down 0.15% to 1.6842.Cable was likely to find support
at 1.6805 and resistance at 1.6937, Friday’s high.Sterling’s losses were held in check amid expectations that the
BoE would upgrade its forecast for growth when it presents its quarterly inflation report on Wednesday.The latest
U.K. jobs report, also due for release on Wednesday, is expected to show a another decline in the unemployment
rate to a more than five year low of 6.8% in the three months to March, while wage growth is expected to rise
again.A strong reading would reinforce expectations that the BoE will raise interest rates ahead of other central
banks and send the pound rising towards recent almost five year peaks against the dollar.
4. EPIC'S ANALYST SPEAKS
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GBP/USD Hourly Chart
INTRADAY OUTLOOK
Support: 1.6860
Resistance: 1.6905
RECOMMENDATION:
1. Buy GBP/USD Above 1.6905- TG: 1.6925/ 1.6955 SL 1.6875
2. Sell GBP/USD Below 1.6860- TG: 1.6840/ 1.6810 SL 1.6890
5. EPIC'S ANALYST SPEAKS
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EUR/USD Hourly Chart
INTRADAY OUTLOOK
Immediate Support: 1.3700
Immediate Resistance: 1.3780
RECOMMENDATION:
1. Buy EUR/USD Above 1.3780- TG: 1.3800/1.3830 SL 1.3850
2. Sell EUR/USD Below 1.3700- TG: 1.3680/1.3650 SL 1.3725
6. DISCLAIMER
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