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Flash: EUR/USD still faces bearish 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.

Yesterday's sharp EUR/USD sell-off brings focus back on support at 1.2797. A break below this would expose 1.2746 ahead of the important 1.2662, while resistance is at 1.3020, indicating a bearish outlook. In terms of the EUR/CHF, the sharp advance found resistance at 1.2661. Any setback will be to unwind the overextended upside conditions – support is at 1.2515.

Moving to the EUR/GBP, the recent recovery is approaching resistance at 0.8607. A break above which would extend the strength to 0.8656. Meanwhile, support is at 0.8516 ahead of 0.8441, suggesting a neutral intraday view. Finally, concerning the EUR/JPY, a new recovery high was posted yesterday and the first resistance is at 134.38. There is risk however for more upside and test the critical resistance at 138.49, while support is at 130.99.

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