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7 Jan 2014
Flash: EUR/USD to remain top heavy - OCBC Bank
FXstreet.com (Barcelona) - Emmanuel Ng, FX Strategist at OCBC Bank believes that EUR/USD will remain top heavy today.
Key Quotes
“EZ PMIs were generally supportive on Monday with the EUR/USD managing to inch higher on the day after the disappointing non- manufacturing ISM.”
“However, expect the pair to remain inherently top heavy if US-specific event/data risks this week continues to engender taper chatter.”
“At this juncture, the EUR/USD may find the upside tough going with the 55- day MA (1.3629) a sticking point while initial support is expected towards 1.3600 and then 1.3565.”
Key Quotes
“EZ PMIs were generally supportive on Monday with the EUR/USD managing to inch higher on the day after the disappointing non- manufacturing ISM.”
“However, expect the pair to remain inherently top heavy if US-specific event/data risks this week continues to engender taper chatter.”
“At this juncture, the EUR/USD may find the upside tough going with the 55- day MA (1.3629) a sticking point while initial support is expected towards 1.3600 and then 1.3565.”