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May 31, 2013
Flash: EUR/USD faces bearish picture despite recent strength – 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.
“The recent strength of the EUR/USD does not change the broader bearish picture and the risk is for resumption of downside. Resistance is at 1.3073 ahead of 1.3194, while support is at 1.2934 ahead of 1.2797.” the analysts suggest. In terms of the EUR/CHF, There is scope for resumption of upside as bull trend persists. Resistance is at 1.2573 ahead of 1.2661 – support is at 1.2407 ahead of 1.2370.
Moving to the EUR/GBP, There is an important resistance at 0.8607. A break above, this would extend the strength to 0.8656. Support is at 0.8522 and 0.8475, suggesting a neutral intraday view. Finally, concerning the EUR/JPY, the Focus is on the momentum tools as a closing cross higher would end the recent consolidation phase and resume the broader bull trend. Resistance is at 132.34 ahead of 134.38 – support is at 129.97 ahead of 128.19.
“The recent strength of the EUR/USD does not change the broader bearish picture and the risk is for resumption of downside. Resistance is at 1.3073 ahead of 1.3194, while support is at 1.2934 ahead of 1.2797.” the analysts suggest. In terms of the EUR/CHF, There is scope for resumption of upside as bull trend persists. Resistance is at 1.2573 ahead of 1.2661 – support is at 1.2407 ahead of 1.2370.
Moving to the EUR/GBP, There is an important resistance at 0.8607. A break above, this would extend the strength to 0.8656. Support is at 0.8522 and 0.8475, suggesting a neutral intraday view. Finally, concerning the EUR/JPY, the Focus is on the momentum tools as a closing cross higher would end the recent consolidation phase and resume the broader bull trend. Resistance is at 132.34 ahead of 134.38 – support is at 129.97 ahead of 128.19.