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Flash: EUR/USD obstructed by bearish headwinds – 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.

Any upside for the EUR/USD will be limited as bearish conditions persist. Resistance is at 1.2967 and 1.3020. 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, there is no major resistance until the critical 1.2569. Support is at 1.2451, suggesting a bullish intraday view.

Moving to the EUR/GBP, “The sharp recovery since yesterday is approaching critical resistance at 0.8546. A break above which would prolong the recovery to 0.8590 – support is at 0.8441, ahead of 0.8389. Finally, concerning the EUR/JPY, the cross is trading within striking distance of first resistance at 132.77; a break above this would open 134.38 ahead of the more critical 138.49. Support is at 130.99 ahead of 129.92.

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