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5 Apr 2013
Forex Flash: EUR/USD may be supported post BoJ - OCBC Bank
FXstreet.com (Barcelona) - Emmanuel Ng of OCBC notes that near term, EUR/USD may be looking slightly more supported post-BOJ, although undue upside may be lacking at this juncture after the less than inspiring comments from Draghi and soft services PMIs.
He expects the pair to continue to orbit the 200D MA at 1.2894 in the interim with markets likely range bound ahead of US NFPs. Looking to GBP/USD he notes that with the BoE remaining static and not undertaking additional QE, and some encouragement from the services PMI, GBP/USD also ticked higher in line with the other majors on Thursday. he writes, “Expect the pair to find some support on dips in the near term but the prospect of further QE into the middle of this year may see the pair running out of breath on approach of the 55-day MA (1.5349) multi-session.”
He expects the pair to continue to orbit the 200D MA at 1.2894 in the interim with markets likely range bound ahead of US NFPs. Looking to GBP/USD he notes that with the BoE remaining static and not undertaking additional QE, and some encouragement from the services PMI, GBP/USD also ticked higher in line with the other majors on Thursday. he writes, “Expect the pair to find some support on dips in the near term but the prospect of further QE into the middle of this year may see the pair running out of breath on approach of the 55-day MA (1.5349) multi-session.”