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Forex Flash: EUR/USD continues hunt for catalysts - OCBC Bank

Emmanuel Ng notes that EUR/USD may have to search for cues ahead of the hotly anticipated Italian elections.

He writes, “The EUR/USD may continue to hunt for catalysts in the near term ahead of the weekend Italian elections although the latest comments from the ECB’s Noyer may temper excessive downside potential in the near term. Downside support is expected towards the 55-day MA (1.3284) while no significant resistance is expected till 1.3580.”

Looking to GBP/USD, he notes that the BoE minutes will offer further cues as the re-emergence of the usual rating downgrade rumours may also continue to keep investors cautious towards the pound for now. He writes, “As such, we continue to favor a heavy profile for the pair with initial support expected on approach of 1.5380.”

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