28 Jun 2013
Flash: EUR/USD poised for bearishness – 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.
“With the MAD below its zero line, potential is for further downside for the EUR/USD. Immediate support is at 1.2985 ahead of 1.2797. Resistance is at 1.3151, suggesting a bearish outlook.” the analysts note. In terms of the EUR/CHF, any upside should be limited with a strong resistance at 1.2384. Support is at 1.2278 ahead of 1.2196.
Moving to the EUR/GBP, the cross again bounced from the support at 0.8475. Resistance is at 0.8607 ahead of 0.8656. A closing break below 0.8475 would be negative opening 0.8398. Finally, concerning the EUR/JPY, resistance at 130.43 holds the upside move. A break above this would open 133.80. Support is at 124.72; a closing break below this would be negative.
“With the MAD below its zero line, potential is for further downside for the EUR/USD. Immediate support is at 1.2985 ahead of 1.2797. Resistance is at 1.3151, suggesting a bearish outlook.” the analysts note. In terms of the EUR/CHF, any upside should be limited with a strong resistance at 1.2384. Support is at 1.2278 ahead of 1.2196.
Moving to the EUR/GBP, the cross again bounced from the support at 0.8475. Resistance is at 0.8607 ahead of 0.8656. A closing break below 0.8475 would be negative opening 0.8398. Finally, concerning the EUR/JPY, resistance at 130.43 holds the upside move. A break above this would open 133.80. Support is at 124.72; a closing break below this would be negative.