30 May 2013
Flash: EUR/USD faces bearish outlook below 1.3020 – UBS
FXstreet.com (Barcelona) - 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.
As long as resistance holds at 1.3020 for the EUR/USD, there is scope for the pair to resume downside as bearish trend conditions persist. Support is at 1.2838 ahead of 1.2746. indicating a bearish outlook. In terms of the EUR/CHF, There is scope for resumption of upside as bull trend persists. Resistance is at 1.2573 ahead of 1.2661 – support is at 1.2407 ahead of 1.2370.
Moving to the EUR/GBP, There is an important resistance at 0.8607. A break above which would extend the strength to 0.8656. Support is at 0.8498 and 0.8474, suggesting a neutral intraday view. Finally, concerning the EUR/JPY, Focus is on the momentum tools as a closing cross higher would end the recent consolidation phase and resume the broader bull trend. Resistance is at 132.34 ahead of 134.38, while, support is at 129.97 ahead of 128.19.
As long as resistance holds at 1.3020 for the EUR/USD, there is scope for the pair to resume downside as bearish trend conditions persist. Support is at 1.2838 ahead of 1.2746. indicating a bearish outlook. In terms of the EUR/CHF, There is scope for resumption of upside as bull trend persists. Resistance is at 1.2573 ahead of 1.2661 – support is at 1.2407 ahead of 1.2370.
Moving to the EUR/GBP, There is an important resistance at 0.8607. A break above which would extend the strength to 0.8656. Support is at 0.8498 and 0.8474, suggesting a neutral intraday view. Finally, concerning the EUR/JPY, Focus is on the momentum tools as a closing cross higher would end the recent consolidation phase and resume the broader bull trend. Resistance is at 132.34 ahead of 134.38, while, support is at 129.97 ahead of 128.19.