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Forex Flash: EUR/USD wilts under Draghi bearishness -OCBC Bank

FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank notes that despite the slightly better than expected services PMIs, EUR/USD was weighed by Draghi’s comments on Monday and the pair may continue to feel a little under the weather today.

He sees a trio of downside supports are still seen at the 55-day MA (1.3021), 1.3000, and then at the 200-day MA (1.2980) and initial resistance is expected towards 1.3160. Looking to GBP/USD, he notes that London also returns from a long weekend today and he remains constructive on the pair if risk appetite levels remain encouraging. In the near term however, he notes that some consolidation back towards the 1.5500 area and then 1.5450 cannot be discounted if the EUR continues to wilt under the ECB’s bearishness. In the interim, he feels that upside resistance is also expected going into 1.5600.

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