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24 Apr 2013
Forex Flash: EUR/USD maintains neutral outlook – 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.
In particular, the EUR/USD maintains a neutral outlook – having tested support at 1.2974, there’s scope for a move to next support at 1.2920, a break below which would be a bearish development, triggering deeper sell-off to 1.2746. Resistance is at 1.3084 ahead of 1.3202. In terms of the EUR/CHF, the latest strength signal potential for a test of resistance at 1.2336 ahead of 1.2391. Support is at 1.2236 ahead of 1.2191, suggesting a bullish intraday view.
Moving to the EUR/GBP, there is a neutral bias, as support is at 0.8497 ahead of 0.8463 – resistance is at 0.8590 ahead of 0.8648. The EUR/JPY is also bullish in the near-term. Indeed, as long as support at 127.82 holds, there is potential for the cross to extend its broader strength. Resistance is at 132.05 ahead of 134.38.
In particular, the EUR/USD maintains a neutral outlook – having tested support at 1.2974, there’s scope for a move to next support at 1.2920, a break below which would be a bearish development, triggering deeper sell-off to 1.2746. Resistance is at 1.3084 ahead of 1.3202. In terms of the EUR/CHF, the latest strength signal potential for a test of resistance at 1.2336 ahead of 1.2391. Support is at 1.2236 ahead of 1.2191, suggesting a bullish intraday view.
Moving to the EUR/GBP, there is a neutral bias, as support is at 0.8497 ahead of 0.8463 – resistance is at 0.8590 ahead of 0.8648. The EUR/JPY is also bullish in the near-term. Indeed, as long as support at 127.82 holds, there is potential for the cross to extend its broader strength. Resistance is at 132.05 ahead of 134.38.