OctaFX | OctaFX Forex Broker
Open trading account

Forex Flash: EUR/USD offers bearish intraday 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 bearish outlook – “Yesterday’s bearish development was closing break below 1.2936. This development suggests scope for a deeper sell-off to support at 1.2746 and then 1.2662, while resistance is at 1.3029.” In terms of the EUR/CHF, with bullish trend in place, focus is on resistance at 1.2515, a break above this would open 1.2569. Meanwhile, support is at 1.2387, suggesting a bullish intraday view.

Moving to the EUR/GBP, there is an important resistance at 0.8546, a break above would open 0.8590. Support is at 0.8432 ahead of 0.8389. Finally, with respect to the EUR/JPY is bullish in the near-term; the cross posts a new recovery high; resistance is at 134.38 ahead of 138.49. Support is at 131.08 ahead of 128.98.

Forex: GBP/USD regains 1.5200 after US data

The dollar pulled back across the board after the latest string of US data showed the NY Empire State manufacturing index unexpectedly fell in May, while producer prices dropped 0.7% in April, supporting the case that it is too early to talk about Fed tapering off QE3.
Read more Previous

US Mar Net Long-Term TIC Flows: $-13.5B vs $-13.3B (Feb)

Read more Next
Start livechat