Back
10 Apr 2013
Forex Flash: EUR crosses maintain neutrality – 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, as there is a strong resistance at 1.3115. Meanwhile, a closing break above this would extend the recovery to 1.3228. Support is at 1.3005 ahead of 1.2924. In terms of the EUR/CHF, resistance is at 1.2230, while there is a significant support at 1.2120 – only a break below this would be a major bearish development.
Moving to the EUR/GBP, neutrality also reigns, as resistance is at 0.8602 ahead of 0.8648, and conversely support is at 0.8463 ahead of 0.8410. The lone exception to this is the EUR/JPY, which they suggest is bullish in the near-term. Indeed, trending indicators are firmly bullish, as there is scope for test of critical resistance at 132.05 and then 134.48. Support is at 128.44 ahead of 126.76.
In particular, the EUR/USD maintains a neutral outlook, as there is a strong resistance at 1.3115. Meanwhile, a closing break above this would extend the recovery to 1.3228. Support is at 1.3005 ahead of 1.2924. In terms of the EUR/CHF, resistance is at 1.2230, while there is a significant support at 1.2120 – only a break below this would be a major bearish development.
Moving to the EUR/GBP, neutrality also reigns, as resistance is at 0.8602 ahead of 0.8648, and conversely support is at 0.8463 ahead of 0.8410. The lone exception to this is the EUR/JPY, which they suggest is bullish in the near-term. Indeed, trending indicators are firmly bullish, as there is scope for test of critical resistance at 132.05 and then 134.48. Support is at 128.44 ahead of 126.76.