Daily i-Forex Report by www.epicresearch.co 7th June 2013

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ListFree.org (Press Release) - Friday, June 7th, 2013

HEADLINE
• EUR/USD- Trading The European Central Bank (ECB) Rate Decision
• Euro Looks to ECB Projections, Draghi Presser for Policy Clues

Interest rate decisions from the European Central Bank (ECB) and the Bank of England (BOE) headline the economic calendar in European trading hours. An overt change in the policy mix is unlikely on either front, but the ECB outing offers greater scope for volatility as investors turn to central bank President Mario Draghi’s press conference for forward guidance.
Rhetoric suggesting an open door to negative deposit rates or another form of non-standard easing is likely to weigh on the Euro. An updated set of staff economic projections is also due, with significant downward revisions that fuel stimulus speculation threatening to put pressure on the single currency. The absence of dovish cues is unlikely offer support however. Such an outcome would amount to the status quo given the pickup in priced-in ECB policy expectations since the May meeting, leaving the European unit looking elsewhere for direction.

TRADING TIPS
• BUY EURUSD
ABOVE 1.3135
TGT 1.3155/1.3175
SL 1.3105

• BUY USDJPY
BELOW 98.95
TGT 98.75/98.55 SL
99.25

• BUY GBPUSD
ABOVE 1.5465
TGT 1.5485/1.5505
SL 1.5345

ANALYSIS
HOURLY EURUSD CHART

OPEN: 1.3086
HIGH: 1.3131
LOW: 1.3075
CLOSE: 1.3114

• EURUSD LOOKS UPWARD
• TREND : BULLISH
• STRATEGY: BUY ON DIPS
• MACD =>-.0007(BULLISH SIGNAL)
• RSI =>65(BULLISH SIGNAL)

ANALYSIS

HOURLY USDJPY CHART

OPEN: 99.02
HIGH: 99.47
LOW: 98.96
CLOSE: 99.01

• USDJPY LOOKS DOWNWARD
• TREND: BEARISH
• STRATEGY: SELL ON RISE
• MACD => .04(BEARSH SIGNAL)
• RSI =>50(BEARISH SIGNAL)

ANALYSIS

HOURLY GBPUSD CHART

OPEN: 1.5398
HIGH: 1.5462
LOW: 1.5381
CLOSE: 1.5454

• GBPUSD LOOKS UPWARD
• TREND: BULLISH
• STRATEGY: BUY ON DIPS
• MACD => .000(BULLISH SIGNAL)
• RSI =>54(BULLISH SIGNAL)

HOURLY EURGBP CHART
OPEN: 00.8499
HIGH: 00.8508
LOW: 00.8485
CLOSE: 00.8486

• EURGBP LOOKS DOWNWARDS
• TREND: BEARISH
• STRATEGY: SELL ON RISE
• MACD =>.00005(BEARISH SIGNAL)
• RSI =>66 (BEARISH SIGNAL)

HOURLY USDINDEX CHART

OPEN: 82.5230
HIGH: 82.6800
LOW: 82.3620
CLOSE: 82.4160
• USDINDEX LOOKS DOWNWARD
• TREND: BEARISH
• STRATEGY: SELL ON RISE
• MACD =>-.0291(BEARISH SIGNAL)
• RSI =>42(BEARISH SIGNAL)

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