OctaFX | OctaFX Forex Broker
Open trading account
Back

Forex Flash: EUR crosses characterized by neutral intraday-term 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.

In particular, the EUR/USD maintains a neutral outlook, as there is a strong resistance at 1.3138 onto 1.3228. Conversely, support lies at 1.2988 ahead of 1.2896. In terms of the EUR/CHF, resistance is at 1.2230, ahead of 1.2260 – while there is a significant support at 1.2120 as only a break below this would be a major bearish development, suggesting a neutral intraday view.

Moving to the EUR/GBP, neutrality also reigns –the cross is unwinding the sharp sell-off of March. Resistance is at 0.8560 ahead of 0.8602, while support is at 0.8463 ahead of 0.8410. The lone exception to this sideways trend is the EUR/JPY, as the pair is bullish in the near-term. Indeed, as long as support at 126.53 holds, there’s risk for resumption of strength. Additionally, resistance is at 132.05 ahead of 134.48.

Forex: EUR/CAD higher on risk-off mood

The publication of weakening GDP and industrial production data in China set off an up move above 1.3300 during the Asian session in a risk-off mood. The release of EMU trade balance data allowed the EUR/CAD to score further gains on the day, reaching as high as 1.3356.
Read more Previous

Forex: USD/JPY testing the 98.00 level

The USD/JPY has remained glued to the 98.00 level, refusing to budge much lower, despite the bottoming out at the 97.55 during the overnight session. However, during European trading, the pair has remained quite stagnant and is incurring a loss of -0.23% Monday.
Read more Next
Start livechat