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12 Aug 2013
Flash: EUR/USD resilience from German data? – OCBC Bank
FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank notes that this week, the Aug German ZEW and GDP numbers may encourage further EUR/USD resilience on the back of any positive surprises, especially if the broad dollar continues to be on the defensive.
Key Quotes
“On the CFTC front, note that net speculative EUR positioning flipped to a net long balance in the latest week, a first since late June 2013.”
“At this juncture, upside resistance levels are expected towards the 1.3400, 1.3417, and 1.3450 area, with supports expected on dips towards 1.3300 and then 1.3260.”
“In the interim, we continue to favor a buy dips stance for the pair.”
Key Quotes
“On the CFTC front, note that net speculative EUR positioning flipped to a net long balance in the latest week, a first since late June 2013.”
“At this juncture, upside resistance levels are expected towards the 1.3400, 1.3417, and 1.3450 area, with supports expected on dips towards 1.3300 and then 1.3260.”
“In the interim, we continue to favor a buy dips stance for the pair.”