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Forex Flash: EUR/USD may hold bearish bias - OCBC Bank

Emmanuel Ng of OCBC Bank comments that with positive news flow running dry, EUR/USD may remain tilted south in the near term and any inability to remain afloat above 1.3182 may tempt markets to build short positions.

He notes that the 100 daily MA at 1.3123 may come into focus before the 1.3058 Fibo retracement. Looking to the CFTC front, he notes that the net speculative EUR longs were pared further in the latest week. Shiting to GBP/USD he notes that the pair is expected to continue to smart from the rating downgrade, and he writes, “We stay with a bearish view on the pair in the near term. On the CFTC front, net speculative GBP shorts were increased in the latest week and the pair may remain suppressed in a 1.5000-1.5100 range in the interim.

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