Daily i forex report 05 jul 2018 by Epic Research

1. 05-July-2018
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International Forex

2. International Forex
INTERNATIONAL CURRENCY BUZZ
Forex - Dollar Treads Water in Holiday Thinned Trade
Forex - EUR/USD: dollar caught a bid on Chinese headlines, lifting USD/CNH from 6.6220 to 6.6402
Forex - GBP/USD pares UK PMI-led gains, back around 1.3200 handle
GBP/USD
The GBP/USD pair struggled to build on the UK data-led positive momentum and quickly retreated around 20-25
pips from fresh one-week tops touched in the last hour The up-move, however, lacked any strong follow-through
and was being capped by a goodish pickup in the USD demand. In fact, the key US Dollar Index reversed early dip to
over one-week lows, which coupled with the unfavourable situation surrounding Brexit talks kept a lid on any
meaningful up-move for the major. It would now be interesting to see if the pair is able to stick to the positive bias
or once again fails to sustain above the 1.3200 handle as market focus now shifts to this week's key event risks - the
latest FOMC meeting minutes and the keenly watched non-farm payrolls, which might help determine the pair's
next leg of directional move.
EUR/USD
EUR/USD has been subject to the Chinese headlines once again, this time favouring the dollar with the noise that
China will be less interventional which lifted USD/CNH from 6.6220-6.6402, EUR/USD slipped up on that from
1.1668 to 1.1636 in Europe and made a fresh low in London at 1.1630. EUR/USD has since steadied and recovered
back to 1.1649 in early NY, somewhat supported by the 100-hr SMA in what is now turning into a dead spot with
the US markets out for 4th July holidays, (unlikely we will see much action from here until tomorrow's NY session,
depending on what further nouse we get from China later today for European markets to deal with). Elsewhere,
there were some positives to take away from the European calendar on the data front, including the EZ service PMI
beat that came in at 55.2 in June, up from 55.0 prior and compared well against the 55.0 consensuses. The German
service sector PMI arrived at 54.5 from 53.9 prior and 53.9 expected.

3. International Forex
DAILY ECONOMIC DATA

4. International Forex
EPIC'S ANALYST SPEAKS
GBP/USD Daily Chart
INTRADAY OUTLOOK
Support: 1.3079
Resistance: 1.3265
RECOMMENDATION:
BUY GBPUSD ABOVE 1.3260 TGT 1.3280 1.3310 SL 1.3230
SELL GBPUSD BELOW 1.3180 TGT 1.3160 1.3130 SL 1.3150

5. International Forex
EPIC'S ANALYST SPEAKS
EUR/USD Daily Chart
INTRADAY OUTLOOK
Support: 1.1597
Resistance: 1.1705
RECOMMENDATION:
BUY EURUSD ABOVE 1.1690 TGT 1.1710 1.1740 SL 1.1660
SELL EURUSD BELOW 1.1630 TGT 1.1610 1.1580 SL 1.1660

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