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EPIC RESEARCH : - Daily IFOREX Report Of 17 May 2018

Forex - Dollar Hits Almost 6-Month Highs, Euro Falls Below $1.18
Forex - Pound Edges Lower, US Posts Mixed Construction Data
Forex - EURJPY spikes into the 200 hour MA and stops

India, 17 May 2018 -- The GBP/USD pair is trading at 1.3461 down 0.32% as the US Dollar is being well supported even with the US Treasury yields easing off 2011 highs on Wednesday

The GBP/USD pair is trading at 1.3461 down 0.32% as the US Dollar is being well supported even with the US Treasury yields easing off 2011 highs on Wednesday. In the early European session, the pair found an intraday ceiling at 1.3520 and then fell about 50 pips. Cable is hovering near 2018 lows a the time of writing. The 10-year US Treasury is consolidating its strong advance on Wednesday while the US Dollar Index (DXY) which measures the greenback versus a basket of currencies is continuing the strong up move seen in the last two days. DXY is trading above the 93.50 mark Meanwhile, the US Census Bureau and the US Department of Housing and Urban Development just released the new residential construction statistics for April 2018. The US housing starts came below expectations at 1.287M versus 1.31M expected while the US building permits came better-than-expected at 1.352M against 1.35M expected.

The robust pace of the greenback is now forcing EUR/USD to trade in the 1.1770/60 band, fresh multi-month lows. The pair is now intensifying the leg lower, shedding ground for the third session in a row and navigating the area of fresh 2018 lows in the 1.1770/60 band, area last visited in mid-December 2017. On the other hand, the greenback is extending its rally beyond the 93.60 level when tracked by the US Dollar Index, recording at the same time new 5- month peaks and always underpinned by the better tone in US yields. In the data space, mixed US housing sector results saw Building Permits contracting less than expected in April at a monthly 1.8%, while Housing Starts dropped 3.7% MoM, missing consensus. At the moment, the pair is losing 0.53% at 1.1776 and a breakdown of 1.1764 (2018 low May 16) would target 1.1718 (monthly low Dec.12 2017) en route to 1.1553 (monthly low Nov. 7 2017). On the upside, the next hurdle aligns at 1.1898 (10-day sma) seconded by 1.1996 and finally 1.2021 (200-day sma

Support: 1.3388
Resistance: 1.3634

BUY GBPUSD ABOVE 1.3550 TGT 1.3570 1.3600 SL 1.3520
SELL GBPUSD BELOW 1.3440 TGT 1.3420 1.3390 SL 1.3470

Support: 1.1743
Resistance: 1.1987

BUY EURUSD ABOVE 1.1830 TGT 1.1850 1.1880 SL 1.1800
SELL EURUSD BELOW 1.1760 TGT 1.1740 1.1710 SL 1.1790

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Submitted by Epic Research, Epic Research Pvt.Ltd indore on Thursday, 17 May 2018 at 12:31 PM
Category: Business

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