The document provides a daily report on international forex markets and currency trends. It discusses the US dollar hovering at 12-year highs and risk-averse trading pushing the NZD and euro lower. The euro hit 9-year lows after a European Court of Justice ruling. The report also analyzes movements in the British pound and euro against the dollar, and provides intraday outlooks and trading recommendations.

1. EPIC RESEARCH REPORT
DAILY INTERNATIONAL FOREX
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15-JAN-2015

2. INTERNATIONAL CURRENCY BUZZ
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Forex-Dollar hovers at 12-year highs in risk-off trade, ECJ move hits euro.
Forex-NZD/USD slips lower in risk-off trade.
Forex-EUR/USD hits fresh 9-year lows after ECJ ruling.
GBP/USD
GBP/USD touched highs of 1.5223 overnight, before pulling back to 1.5168.Sterling remained under pressure after
data on Tuesday showed that the annual rate of consumer inflation in the U.K. slowed to 0.5% last month from
1.0% in November.Consumer prices were unchanged from a month earlier, compared to expectations for an uptick
of 0.1%.The report said inflation was flat in December due to falling gas and electricity costs. In addition, transport
costs fell by 0.2% from a month earlier, due to falling petrol and diesel prices.The slowdown in inflation
underlined expectations that the Bank of England will keep interest rates on hold at record lows for most of this
year.
EUR/USD
EUR/USD hit 1.1727 during European morning trade, the pair's lowest since November 2005 and was last at
1.1759.The drop in the euro came after the advocate general of the European Court of Justice, Pedro Cruz Villalon,
advised judges to approve the ECB's Outright Monetary Transactions program, a measure which was launched in
2012, with conditions.Also Wednesday, data showed that euro zone industrial production rose 0.2% in November,
in line with expectations, but factory output was down 0.4% on a year-over-year basis.Meanwhile, oil was hit after
the World Bank cut its forecasts for global growth on Tuesday, adding to fears over the faltering economic
recovery. Oil prices continued to tumble on Wednesday after falling to almost six year lows in the previous session,
after OPEC said it will not cut output despite a global supply glut.

3. DAILY ECONOMIC DATA
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INTRADAY OUTLOOK
Support: 1.5142
Resistance: 1.5203
RECOMMENDATION:
1. Buy GBP/USD Above 1.5205-TG: 1.5225/1.5255 SL 1.5175
2. Sell GBP/USD Below 1.5140-TG: 1.5120/1.5090 SL 1.5170
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
Immediate Support: 1.1725
Immediate Resistance: 1.1796
RECOMMENDATION:
1. Buy EUR/USD Above -1.1798 TG: 1.1818/1.1848 SL 1.1768
2. Sell EUR/USD Below -1.1723 TG:1.1703/1.1673 SL 1.1753

6. DISCLAIMER
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