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22 Feb 2013
Forex Flash: EUR/USD profile heavy as GBP/USD finds support - OCBC Bank
Emmanuel Ng of OCBC Bank comments that he prefers to maintain a heavy EUR/USD profile, while Cable looks to have found a touch of support from Thursdays fiscal data.
Looking at EUR/USD he comments that the pair has fallen below its 55 day MA at 1.3290 and he feels that the 100 day MA ar 1.3121 us expected to offer interim support in the near term. He writes, “With appetite for strong EUR out performance having moderated (watch fro the German Ifo later today), a breach of the 1.3182 level may pave the way to the next Fibo support expected at around 1.3058.
Pivoting to GBP/USD, Ng comments that the pair has found interim support from fiscal data on Thursday although this effect may well fade if the majors continue to sink against the dollar in the very short term and if the perception of a dovish BOE continues to persist. He finishes by writing, “GBPUSD may continue to spin its wheels in the vicinity of the 1.5200 area pending further cues while markets may also continue to fade any upticks.”
Looking at EUR/USD he comments that the pair has fallen below its 55 day MA at 1.3290 and he feels that the 100 day MA ar 1.3121 us expected to offer interim support in the near term. He writes, “With appetite for strong EUR out performance having moderated (watch fro the German Ifo later today), a breach of the 1.3182 level may pave the way to the next Fibo support expected at around 1.3058.
Pivoting to GBP/USD, Ng comments that the pair has found interim support from fiscal data on Thursday although this effect may well fade if the majors continue to sink against the dollar in the very short term and if the perception of a dovish BOE continues to persist. He finishes by writing, “GBPUSD may continue to spin its wheels in the vicinity of the 1.5200 area pending further cues while markets may also continue to fade any upticks.”