22 Jul 2013
Flash: EUR/USD closing above 1.3164 viewed as positive – UBS
FXstreet.com (New York) - UBS Strategists, Gareth Berry and Geoffrey Yu take a technical perspective at today's EUR crosses.
Key quotes
“The EUR/USD previously broke though resistance at 1.3164, which was tested multiple times. A closing break above this would be positive. Support is at 1.3067 ahead of 1.2994, suggesting a neutral outlook.” the analysts note.
“In terms of the EUR/CHF, initial resistance is at 1.2396 ahead of the critical 1.2485. A closing break above this would be positive, opening 1.2650. Downside should be limited, with support at 1.2342, which is expected to hold on closing basis.”
Moving to the EUR/GBP, “the recent downside should be limited with a strong support at 0.8590.With the MACD above its zero line, focus is on upside towards 0.8711 and then, 0.8815. Finally, concerning the EUR/JPY, we look for further upside towards the key resistance at 133.80. A move above this would open 137.14. Initial support is at 130.294 ahead of 128.02.”
Key quotes
“The EUR/USD previously broke though resistance at 1.3164, which was tested multiple times. A closing break above this would be positive. Support is at 1.3067 ahead of 1.2994, suggesting a neutral outlook.” the analysts note.
“In terms of the EUR/CHF, initial resistance is at 1.2396 ahead of the critical 1.2485. A closing break above this would be positive, opening 1.2650. Downside should be limited, with support at 1.2342, which is expected to hold on closing basis.”
Moving to the EUR/GBP, “the recent downside should be limited with a strong support at 0.8590.With the MACD above its zero line, focus is on upside towards 0.8711 and then, 0.8815. Finally, concerning the EUR/JPY, we look for further upside towards the key resistance at 133.80. A move above this would open 137.14. Initial support is at 130.294 ahead of 128.02.”