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Forex Flash: EUR/USD may continue to chop - OCBC Bank

FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank believes that EUR/USD may continue to chop around within recent ranges pending the ECB and the FOMC this week.

He sees key support around the psychological 1.3000 level and the 200 day MA at 1.2954 held over the past week. He writes, “On the top side, the 55-day MA (1.3050) should provide an initial cap before 1.3100. On the speculative front, net CFTC EUR shorts increased in the latest week, although we remain on a buy dips stance for now.” Moving to GBP/USD, he notes that GBP made the most of inherent dollar weakness on Friday, especially after the better than expected UK GDP numbers on Thursday. On the CFTC front, he notes that net speculative GBP shorts hardly budged (reduced slightly) in the latest week but we note that this data preceded the better than expected UK GDP numbers. He writes, “With the pair at the doorstep of 1.5500, the next immediate resistance is only expected towards 1.5573 before 1.5610.”

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