Forex Flash: EUR/USD to remain top heavy ahead of EU Council - OCBC Bank

Emmanuel Ng of OCBC Bank notes that the pending EU Council meeting on Thursday and Friday is likely to keep EUR/USD top heavy , with the pair still loitering around the key 1.3050/60 mark, albeit with some slippage materialising.

Looking ahead, he sees support is expected towards 1.3000 and then 1.2920 while resistance is seen on the approach of 1.3100 and then at the 100 day MA (1.3128). Twisting to GBP/USD, he feels that the pound may continue to look towards next week's budget announcement for further cues while sustained expectations of a dovish BoE may work to keep GBP under the weather. He writes, “(The) next key intersection for the cable is expected towards 1.4800 while 1.5000 may also cap in the interim."