8 Jul 2013
Flash: EUR/USD bearish trend in place – 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 bear trend intact focus is on the key support at 1.2797. A break below this would suggest scope for further downside. Resistance is at 1.2917, suggesting a bearish outlook.” the analysts note. In terms of the EUR/CHF, with the bear trend intact, we expect the resistance at 1.2384 to hold on closing basis – support is at 1.2334 ahead of 1.2280.
Moving to the EUR/GBP, the cross closed above the resistance at 0.8607. This was a strong bullish development opening 0.8656. Support is at 0.8563 ahead of 0.8469. Finally, concerning the EUR/JPY, downside should be limited, and we expect the support at 128.04 to hold, while resistance is at 131.12 ahead of the key 133.80.
“With the EUR/USD bear trend intact focus is on the key support at 1.2797. A break below this would suggest scope for further downside. Resistance is at 1.2917, suggesting a bearish outlook.” the analysts note. In terms of the EUR/CHF, with the bear trend intact, we expect the resistance at 1.2384 to hold on closing basis – support is at 1.2334 ahead of 1.2280.
Moving to the EUR/GBP, the cross closed above the resistance at 0.8607. This was a strong bullish development opening 0.8656. Support is at 0.8563 ahead of 0.8469. Finally, concerning the EUR/JPY, downside should be limited, and we expect the support at 128.04 to hold, while resistance is at 131.12 ahead of the key 133.80.