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11 Apr 2013
Forex Flash: EUR/USD remains constructive - OCBC Bank
FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank notes that he remains constructive on EUR/USD in the interim.
He believes that any ability to stay afloat above 1.3000 in the near term may see an eventual test towards the 55D MA at 1.3147 and then 1.3340 multi session. Looking to GBP/USD, he notes that in the absence of a strong domestic macroeconomic pillar, the likes of the GBP may remain vulnerable to episodes of dollar 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 believes that any ability to stay afloat above 1.3000 in the near term may see an eventual test towards the 55D MA at 1.3147 and then 1.3340 multi session. Looking to GBP/USD, he notes that in the absence of a strong domestic macroeconomic pillar, the likes of the GBP may remain vulnerable to episodes of dollar 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.”