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Forex Flash: EUR/USD characterized by a bullish 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 bullish outlook – yesterday the pair tested the critical resistance at 1.3228, while the next resistance is at 1.3342. Support is at 1.3055 ahead of 1.2920. In terms of the EUR/CHF, there is a strong support at 1.2214 ahead of 1.2177. Resistance is at 1.2264; a break here would open 1.2312, suggesting a neutral intraday view.

Moving to the EUR/GBP, with trending indictors pointing south we expect downside in the near-term. Support is at 0.8389 ahead of 0.8287 and resistance is at 0.8498. The EUR/JPY is also neutral in the near-term. Indeed, the cross is consolidating with resistance at 128.93 ahead of 131.12. Initial support is at 127.06, a move below would signal scope for further correction to the strong support at 124.94.

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