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Flash: EUR/USD at risk for resumption of downside – 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 does not change the broader bearish picture and the risk is for resumption of downside. Resistance is at 1.3073 ahead of 1.3194 – 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. Strong support is at 1.2370 ahead of 1.2283.

Moving to the EUR/GBP, there is an important resistance at 0.8607. A break above which 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. Meanwhile, support is at 129.97 ahead of 128.19.

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