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May 24, 2013
Flash: EUR/USD faces bearish outlook below 1.3020 – 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.
According to the analysts, “As long as the EUR/USD resistance at 1.3020 holds, there is scope for resumption of downside as bearish trend conditions persist. Support is at 1.2797 ahead of 1.2746, indicating a bearish outlook”. In terms of the EUR/CHF, resistance prompted the latest setback at 1.2661. While support at 1.2370 holds, the risk is for extension of the bull trend.
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. Support is at 0.8516 ahead of 0.8441, suggesting a neutral intraday view. Finally, concerning the EUR/JPY, the latest setback was staged from just under critical resistance at 134.38. There is scope for a break above this, extending strength to major resistance at 138.49 – support is at 129.97.
According to the analysts, “As long as the EUR/USD resistance at 1.3020 holds, there is scope for resumption of downside as bearish trend conditions persist. Support is at 1.2797 ahead of 1.2746, indicating a bearish outlook”. In terms of the EUR/CHF, resistance prompted the latest setback at 1.2661. While support at 1.2370 holds, the risk is for extension of the bull trend.
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. Support is at 0.8516 ahead of 0.8441, suggesting a neutral intraday view. Finally, concerning the EUR/JPY, the latest setback was staged from just under critical resistance at 134.38. There is scope for a break above this, extending strength to major resistance at 138.49 – support is at 129.97.