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Trading news
8 May 2013
Forex Flash: EUR/USD unable to hold 1.3100 level - OCBC Bank
FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank notes that EUR/USD enjoyed a brief spell above 1.3100 before retracing to end relatively unchanged on the day.
He feels that In the short term, the pair may remain supported on dips towards the 55-day MA (1.3017), 1.3000, and then at the 200-day MA (1.2985) supports. On the other hand, he notes that the pair may meet initial resistance towards the 1.3160 and 1.3200 levels. Looking to GBP/USD, he sees that the pair slipped below 1.5500 on Tuesday with EUR/GBP also climbing on relative positivity towards EUR. As noted previously, he writes, “The pair has indeed capitulated lower and 1.5430 may be a crucial support area in determining whether the GBP-USD would have further legs to extend higher (we think so) since its recent lows in mid-March 2013.”
He feels that In the short term, the pair may remain supported on dips towards the 55-day MA (1.3017), 1.3000, and then at the 200-day MA (1.2985) supports. On the other hand, he notes that the pair may meet initial resistance towards the 1.3160 and 1.3200 levels. Looking to GBP/USD, he sees that the pair slipped below 1.5500 on Tuesday with EUR/GBP also climbing on relative positivity towards EUR. As noted previously, he writes, “The pair has indeed capitulated lower and 1.5430 may be a crucial support area in determining whether the GBP-USD would have further legs to extend higher (we think so) since its recent lows in mid-March 2013.”