18 Nov 2013
Flash: EUR faced with structural cues this week - OCBC Bank
FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank notes that the heavy EZ data calendar this week (PMIs, German ZEW, Ifo) may provide further structural cues for the EUR.
Key Quotes
“On the CFTC front, net speculative EUR longs dipped in the latest week but note that this data pre-dated Yellen’s confirmation hearing on Thursday.”
“Multi-session, the pair will have to strike a balance between the ECB’s still dovish leanings with the weaker dollar backdrop, with the resistance at the 55-day MA (1.3503) still intact despite dollar vulnerability into late last week.”
“In the interim, initial support is seen on approach of 1.3450.”
Key Quotes
“On the CFTC front, net speculative EUR longs dipped in the latest week but note that this data pre-dated Yellen’s confirmation hearing on Thursday.”
“Multi-session, the pair will have to strike a balance between the ECB’s still dovish leanings with the weaker dollar backdrop, with the resistance at the 55-day MA (1.3503) still intact despite dollar vulnerability into late last week.”
“In the interim, initial support is seen on approach of 1.3450.”