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Forex Flash: Tactical long EUR/USD to target 1.3550 – OCBC Bank

By FXstreet.com,  January 16, 2013, 06:04:00 AM EDT

FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank recommends taking a tactical long EUR/USD position this morning.

He has a target of 1.3550 and a stop at 1.3185 and feels that the news flow emanating out of the Eurozone remains largely sanguine at this juncture while prior fears for the US terminating its bond purchase program have subsided for now. Couples with an environment of positive risk appetite levels, the common unit may potentially make incremental gains on the Greenback in the near term.

Looking elsewhere, Ng notes that with little in the way of domestic positives in the near term for the GBP relative to the EZ, he undertook a long EUR-GBP trade idea targeting 0.8435 and placed a stop at 0.8265. He writes, "In addition, perceived relative central bank postures between the ECB and the BOE is deemed supportive. Thus, any potential unwinding of the so called "safe haven" trade into the GBP may also continue to underpin the cross in the near term."




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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