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15 Apr 2013
Forex Flash: EUR/USD remains constructive - OCBC Bank
FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank notes that he is remaining constructive EUR/USD in the interim.
He feels that any ability to stay afloat above 1.3100 in the near term may see an eventual test of the 55D MAat 1.3147 and then the 1.3340 multi session high. Moving to GBP/USD, he notes that in the absence of a strong domestic macroeconomic pillar, the likes of GBP may remain vulnerable to episodes of USD strength. He writes, “In the near term, the pair may continue to orbit the 55-day MA (1.5314) pending further cues. While any weakness may pave the way to 1.5270, note however that any ability to remain above 1.5300 may see a drift towards 1.5360 and then 1.5470.”
He feels that any ability to stay afloat above 1.3100 in the near term may see an eventual test of the 55D MAat 1.3147 and then the 1.3340 multi session high. Moving to GBP/USD, he notes that in the absence of a strong domestic macroeconomic pillar, the likes of GBP may remain vulnerable to episodes of USD strength. He writes, “In the near term, the pair may continue to orbit the 55-day MA (1.5314) pending further cues. While any weakness may pave the way to 1.5270, note however that any ability to remain above 1.5300 may see a drift towards 1.5360 and then 1.5470.”