Forex Flash: EUR/USD top heavy ahead of EU council meet - OCBC Bank

Emmanuel Ng of OCBC Bank notes that ahead of the EU Council meeting on Thursday and Friday, EUR/USD looks relatively top heavy, with the pair still loitering near the key 1.3050/60 area at this juncture.

He feels that support is expected towards 1.2920 while resistance is seen on approach of 1.3100 and then at the 100-day MA (1.3128). Shifting to GBP/USD, on an intraday view, he feels that any negative surprises from industrial production figures due today may potentially trip GBP further and the pair may continue to remain on a slippery slope in the interim with support seen towards a breakdown around 1.4815.