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Forex Flash: EUR crosses mainly bearish - UBS

FXstreet.com (Barcelona) - UBS strategists Gareth Berry and Geoffrey Yu have taken a look at this mornings EUR crosses from a technical perspective and note that they are mainly bearish this morning.

Starting with EUR/CHF, they are neutral, and write, “There is a significant support at 1.2120; a break below this would be a major bearish development. Resistance is at 1.2184 ahead of 1.2202.” regarding EUR/GBP, they are bearish and note that the recent recovery is to unwind the overextended downside conditions. They see resistance at 0.8557, which they believe will hold while support is at 0.8469 ahead of 0.8410. Finally, looking at EUR/JPY, they are bearish, commenting that the risk is for extension of weakness. They write, “Focus is on critical support at 118.73, a break below this would expose 116.85. Resistance is at 120.88 and 121.87.”

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