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Forex Flash: EUR/USD may remain top heavy in near term - OCBC Bank

FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank suspects that EUR/USD may remain top heavy in the near term.

He feels that it may be hobbled by accumulating economic negativity and any sustained violation of the 1.3000 level today may invite a quick test lower towards the 200-day MA (1.2941). Meanwhile, he sees that the 55-day MA (1.3070) may cap for now. Looking to GBP/USD, he notes that given the somewhat soft domestic outlook, GBP may also remain susceptible to indications of weak growth from the Eurozone/Global front. He writes, “Going ahead, if the pair loses its foothold at the 55-day MA (1.5239), the pair may be expected to threaten the 1.5200 floor before 1.5100 multisession.”

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