2 Jul 2013
Flash: EUR/USD fortified by immediate support at 1.2985 – 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 EUR/USD MACD below its zero line, potential is for further downside. Immediate support is at 1.2985 ahead of 1.2797. Meanwhile, resistance is at 1.3150, 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 1.2298 ahead of 1.2196.
Moving to the EUR/GBP, the cross is held by the Resistance at 0.8607; a closing break above this would be positive opening 0.8656, while support is at 0.8542 ahead of 0.8469. Finally, concerning the EUR/JPY, resistance at 130.43 holds the upside move. A break above this would open 133.80. Support is at 128.23 ahead of 124.72.
“With the EUR/USD MACD below its zero line, potential is for further downside. Immediate support is at 1.2985 ahead of 1.2797. Meanwhile, resistance is at 1.3150, 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 1.2298 ahead of 1.2196.
Moving to the EUR/GBP, the cross is held by the Resistance at 0.8607; a closing break above this would be positive opening 0.8656, while support is at 0.8542 ahead of 0.8469. Finally, concerning the EUR/JPY, resistance at 130.43 holds the upside move. A break above this would open 133.80. Support is at 128.23 ahead of 124.72.