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1. EPIC RESEARCH REPORT
DAILY INTERNATIONAL FOREX
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23-MAY-2017

2. INTERNATIONAL CURRENCY BUZZ
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Forex - Euro at 6-month highs, pound recovers early losses
Forex - Dollar index falls below 97 as euro hits multi-month highs
Forex - Sterling under pressure after Tory dip in polls
GBP/USD
The GBP/USD pair stalled its corrective slide near 1.2965 level and was now seen making a fresh attempt to move back
above the key 1.30 psychological mark. Spot managed to catch fresh bids at lower level amid a fresh wave of greenback
selling interest, dragging the key US Dollar Index below the 97.00 handle to fresh six month lows. Despite of the pull-
back, the pair maintained its bearish bias amid renewed worries over the Brexit negotiations. Spot came under some
selling pressure at the start of the week following the UK PM Theresa May's comments to walk away from the
negotiations if the country faces such €100 billion massive divorce bill as claimed by the EU officials. Today's drop in
major could also be attributed to the latest poll results showing that the Conservative Party’s lead narrowed, which some
analysts worry might fuel concerns over a possible 'hard Brexit' scenario.
EUR/USD
The euro bounced to fresh six-month highs against the U.S. dollar on Monday following remarks by German Chancellor
Angela Merkel, sending the dollar to a fresh six-month trough against a currency basket. EUR/USD hit a high of 1.1245,
the most since November 9 and was at 1.1245 by 10.46 ET. The gains in the euro came after Merkel said the single
currency was “too weak”. Speaking in Berlin, Merkel said Germany’s record trade surplus was partly due to the European
Central Bank’s expansionary monetary policy, which has driven down the euro. The U.S. dollar index, which measures
the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.24% at 96.76, which was its
deepest trough since November 9. The index had risen to the day’s highs earlier amid relative calm in U.S. politics with
President Donald Trump on a trip to the Middle East.

3. DAILY ECONOMIC DATA
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INTRADAY OUTLOOK
Support: 1.2980
Resistance: 1.3040
RECOMMENDATION:
BUY GBP/USD ABOVE 1.3020 TGT 1.3040 1.3070 SL 1.2990
SELL GBP/USD BELOW 1.2980 TGT 1.2960 1.2930 SL 1.3030
EUR/USD Hourly Chart
EPIC'S ANALYST SPEAKS
GBP/USD Daily Chart

5. EPIC'S ANALYST SPEAKS
EUR/USD Daily Chart
INTRADAY OUTLOOK
Support: 1.1190
Resistance: 1.1216
RECOMMENDATION:
BUY EUR/USD ABOVE 1.1250 TGT 1.1270 1.1300 SL 1.1220
SELL EUR/USD BELOW 1.1180 TGT 1.1160 1.1130 SL 1.1210
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6. DISCLAIMER
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Lovelesh
Sharma
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Date: 2017-05-22
21:47+05:30