Daily IForex Press Release Report by epicresearch 24th February 2014

TRADING TIPS

• BUY USD-CAD ABOVE 1.1200 TGT 1.1225,1.1260 SL 1.1160

• SSELL GBP-USD BELOW 1.6610 TGT 1.6585 ,1.6550 SL 1.6650

• Forex – EUR/USD steady as market shrugs off U.S. data

• Forex – Dollar moves sideways on soft U.S. housing data

• Forex – GBP/USD falls on soft U.K. retail sales data

   

EUR/USD was up 0.19% at 1.3745.

The National Association of Realtors reported earlier that U.S. existing home sales declined 5.1% to 4.62 million units last month, outpacing expectations for a 4.3% drop to 4.68 million units.In December, existing home sales were revised to a 0.8% rise to 487 million units from an initially estimated 1% increase. The Federal Reserve has said it will pay close attention to data when deciding the pace at which it winds down is asset purchases, and the soft numbers stoked expectations the U.S. central bank will wind down its stimulus program very gradually.

GBP/USD was trading at 1.6620, down 0.19%, up from a session low of 1.6613 and off a high of 1.6725.Cable was likely to find support at 1.6600, the low from Feb. 13, and resistance at 1.6742, Tuesday’s high. U.K. retail sales dropped 1.5% in January, according to official data, outpacing consensus forecasts for a 1% decline. Retail sales in December were revised down to a 2.5% increase from a previously estimated 2.6% gain. On a yearly basis, U.K. retail sales rose 4.3% last month, compared to expectations for a 5% increase, after a 5.3% advance in December.

EUR/USD was trading at 1.3723, up 0.03%, up from a session low of 1.3702 and off a high of 1.3757. The pair was likely to find support at 1.3686, Thursday’s low, and resistance at 1.3774, Wednesday’s high.

HOURLY EURUSD CHART

ANALYSIS

USDJPY LOOK UPSIDE

TREND: BULLISH

STRATEGY:

SELL NEAR RESISTANCE

BUY NEAR SUPPORT

RESISTANCE: 102.20

SUPPORT: 101.00

HOURLY USDJPY CHART

EURUSD LOOKS UPSIDE

TREND: BULLISH

STRATEGY:

SELL NEAR RESISTANCE

BUY NEAR SUPPORT

RESISTANCE: 1.3775

SUPPORT: 1.3665

HOURLY EURGBP CHART

USD/CAD LOOKS UPSIDE

TREND: BULLISH

STRATEGY:

SELL NEAR RESISTANCE

BUY NEAR SUPPORT

RESISTANCE: 1.1190

SUPPORT: 1.1035

HOURLY EURGBP CHART

GBPUSD LOOKS DOWNSIDE

TREND: BEARISH

STRATEGY:

SELL NEAR RESISTANCE

BUY NEAR SUPPORT

RESISTANCE: 1.6740

SUPPORT: 1.6620

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