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Flash: EUR/USD bearishness prevails – 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, any upside will be limited as bearish conditions persist. Resistance is at 1.2967 and 1.3020, while support is at 1.2797, a break below would expose 1.2746 ahead of the critical 1.2662. In terms of the EUR/CHF, With bullish trend in place, focus is on resistance at 1.2525, a break above, which would open 1.2569. Meanwhile, support is at 1.2436 ahead of 1.2384, suggesting a bullish intraday view.

Moving to the EUR/GBP, “With the MACD below its zero line, the potential is for a downside move. A breach of 0.8421 would expose 0.8389 ahead of the important 0.8587 – the main resistance is at 0.8518.” notes the team. Finally, concerning the EUR/JPY, the first resistance is at 132.77, a break above this would open 134.38 ahead of the more critical 138.49 with support at 129.92.

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