29- June-2018 International Forex
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International Forex INTERNATIONAL CURRENCY BUZZ Forex - Dollar near 1-year highs on trade concerns, H1 flows Forex - GBP/USD Sterling breaks below 38.2% Fibonacci level as US Dollar benefits from trade jitters Forex - EUR/USD a break below 1.15 is not ruled out – UOB GBP/USD Sterling continues to struggle against a resurgent US dollar with GBPUSD heading towards a fresh multi-month low and a potential break below 1.3000. The greenback got a boost Wednesday after US President Trump appeared to ease back on some of his harsher trade restrictions with China. The US dollar immediately broke to the topside and is now making a new multi-month high with further gains likely as the US continues to hike rates in the months ahead. Sterling also faces a couple of potentially tricky days ahead with Brexit on the menu at the EU Summit which starts today. No resolution is expected but a further round of negative talk from the EU will increase fears of a nodeal Brexit which neither side really wants. EUR/USD Expectation for sideway trading yesterday was wrong as EUR slumped to an overnight low of 1.1539. The strong decline appears incomplete but in view of the already oversold conditions, any weakness could be checked by last week s low near 1.1505/10 (minor support is at 1.1530). Resistance is at 1.1590 but only a break above 1.1620 would indicate that the current weakness has stabilized. Higher up, yesterday s peak at 1.1672 is not expected to come into the picture for now .Next 1-3 weeks: Our recent expectation for a stronger rebound in EUR was proven wrong as the break of the 1.1605 key support yesterday resulted in a sharp drop to a low of 1.1539. From here, market is clearly eyeing the 1.1505/10 support as this level was tested twice in recent weeks but held (low of 1.1506 in late May and 1.1507 last week).
International Forex DAILY ECONOMIC DATA
International Forex EPIC'S ANALYST SPEAKS GBP/USD Daily Chart
INTRADAY OUTLOOK Support: 1.3053 Resistance: 1.3125 RECOMMENDATION: BUY GBPUSD ABOVE 1.3115 TGT 1.3135 1.3165 SL 1.3085 SELL GBPUSD BELOW 1.3065 TGT 1.3045 1.3015 SL 1.3095
International Forex EPIC'S ANALYST SPEAKS EUR/USD Daily Chart
INTRADAY OUTLOOK Support: 1.1561 Resistance: 1.1609 RECOMMENDATION: BUY EURUSD ABOVE 1.1600 TGT 1.1620 1.1650 SL 1.1570 SELL EURUSD BELOW 1.1525 TGT 1.1505 1.1475 SL 1.1555
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