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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.

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