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19 Apr 2013
Forex Flash: EUR/USD manages to hold 1.30 support - OCBC Bank
FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank notes that EUR/USD has managed to hold above 1.3000 support in recent sessions and the pair may continue to base build around these levels pending the G20.
He notes that the 55-day MA (1.3098) is expected to serve as an immediate resistance before 1.3190 while on the downside, a move below the 1.3000 floor may invite a descent towards the 200-day MA (1.2930). Shifting to GBP/USD, he notes that the pair may lose near term directionality with disappointing March Retail Sales capping any strong upside in the pair. He writes, “Somewhat encouraging however is the failure by the pair to violate an upward trend line established since mid-March, although we note overall sentiment remains more cautious than optimistic at this juncture. In the interim, a 1.5200-1.5400 band may prevail.”
He notes that the 55-day MA (1.3098) is expected to serve as an immediate resistance before 1.3190 while on the downside, a move below the 1.3000 floor may invite a descent towards the 200-day MA (1.2930). Shifting to GBP/USD, he notes that the pair may lose near term directionality with disappointing March Retail Sales capping any strong upside in the pair. He writes, “Somewhat encouraging however is the failure by the pair to violate an upward trend line established since mid-March, although we note overall sentiment remains more cautious than optimistic at this juncture. In the interim, a 1.5200-1.5400 band may prevail.”