The Euro fell sharply after the ECB unexpectedly cut interest rates and announced a new asset purchase program. The GBP also declined against the USD after the Bank of England kept rates unchanged. Analysis of EUR/USD and GBP/USD trading provided intraday support and resistance levels and recommendations to buy or sell based on price movements. The report concluded with disclaimers regarding the projections and recommendations provided.

1. EPIC RESEARCH REPORT
DAILY INTERNATIONAL FOREX
08-SEP-2014
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2. INTERNATIONAL CURRENCY BUZZ
Forex-Euro left reeling after ECB's liquidity splurge.
Forex-Euro steady ahead of ECB policy announcement.
Forex-GBP/USD remains near 7-month lows
EUR/USD
EUR/USD edged up 0.09% to 1.2957 but remained within close distance of Thursday's 14-month low of 1.2918.
The euro fell sharply after the ECB cut its benchmark interest rate to a record-low 0.05% from 0.15%, surprising
most market analysts who had expected no change.In addition, ECB President Mario Draghi said the bank will
begin an asset-backed securities program, to purchase non-financial assets, including covered bonds.The ECB also
cut its forecast for growth this year to 0.9% down from 1.0% previously.Earlier Friday, official data showed that
German industrial production rose 1.9% in July, beating expectations for an uptick of 0.3%, after a revised 0.4%
increase in June.
GBP/USD
GBP/USD hit 1.6287 during European morning trade, the pair's lowest since February; the pair subsequently
consolidated at 1.6319, easing 0.06%.Cable was likely to find support at 1.6250 and resistance at 1.6465, Thursday's
high.The pound came under broad selling pressure on Thursday after the BoE voted to keep interest rates on hold
at 0.5% and to keep the size of its asset purchase program unchanged at £375 billion.The minutes of the meeting,
due to be published in two weeks, would indicate how many monetary policy committee members voted in favor
of a rate hike. The MPC was split last month, with two members voting in favor of a rate increase and two against.
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3. DAILY ECONOMIC DATA
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4. EPIC'S ANALYST SPEAKS
EUR/USD Hourly Chart
INTRADAY OUTLOOK
Support: 1.2900
Resistance: 1.3002
RECOMMENDATION:
1. Buy EUR/USD Above 1.3004-TG:1.3024/1.3054 SL 1.2974
2. Sell EUR/USD Below 1.2898-TG: 1.2878/1.2848 SL 1.2928
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5. EPIC'S ANALYST SPEAKS
GBP/USD Hourly Chart
INTRADAY OUTLOOK
Immediate Support:1.6285
Immediate Resistance:1.6370
RECOMMENDATION:
1. Buy GBP/USD Above 1.6372 -TG:1.6392/1.6422 SL 1.6342
2. Sell GBP/USD Below 1.6283- TG:1.6263/1.6233 SL 1.6313
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