Forex Flash: EUR/USD may find interim support around 1.3000 – OCBC Bank
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EUR/USD
FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank notes that European services PMI's were nothing to write home about on Friday and the pair managed to end marginally higher post NFP's.
Looking on the CFTC front, he comments that net speculative EUR positioning flipped to a net long balance for the first time since August 2011. However, despite the shift he is remaining neutral to heavy on the pair, pending further cues. Looking ahead Ng writes, "the pair may find interim support towards the 1.3000 area, with the 55-day MA (1.2988) also in the vicinity. However, a breach beyond this level may open the way to the 200-day MA(1.2780) multi-session."
Looking on the CFTC front, he comments that net speculative EUR positioning flipped to a net long balance for the first time since August 2011. However, despite the shift he is remaining neutral to heavy on the pair, pending further cues. Looking ahead Ng writes, "the pair may find interim support towards the 1.3000 area, with the 55-day MA (1.2988) also in the vicinity. However, a breach beyond this level may open the way to the 200-day MA(1.2780) multi-session."
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