10 Jul 2013
Flash: EUR/USD bearish outlook remains – UBS
FXstreet.com (New York) - UBS Strategists, Gareth Berry and Geoffrey Yu take a technical perspective at today's EUR crosses and note that there is a generally neutral-trending bias ahead.
“Yesterday the EUR/USD closed below the key support at 1.2797. The next support focus is at 1.2663 – resistance is at 1.2898, suggesting a bearish outlook.” the analysts note. In terms of the EUR/CHF, critical resistance is at 1.2485. A closing break above this would be positive, opening 1.2650. Downside should be limited, with support at 1.2371.
Moving to the EUR/GBP, there is a strong resistance at 0.8656, which was tested yesterday. With the momentum tools crossing higher, a closing break above this would trigger further upside. Support is at 0.8563 ahead of 0.8469. Finally, concerning the EUR/JPY, the downside should be limited, and we expect the support at 128.04 to hold. Resistance is at 131.12 ahead of the key 133.80.
“Yesterday the EUR/USD closed below the key support at 1.2797. The next support focus is at 1.2663 – resistance is at 1.2898, suggesting a bearish outlook.” the analysts note. In terms of the EUR/CHF, critical resistance is at 1.2485. A closing break above this would be positive, opening 1.2650. Downside should be limited, with support at 1.2371.
Moving to the EUR/GBP, there is a strong resistance at 0.8656, which was tested yesterday. With the momentum tools crossing higher, a closing break above this would trigger further upside. Support is at 0.8563 ahead of 0.8469. Finally, concerning the EUR/JPY, the downside should be limited, and we expect the support at 128.04 to hold. Resistance is at 131.12 ahead of the key 133.80.