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21 May 2013
Flash: EUR/USD bearishness prevails – 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, any upside will be limited as bearish conditions persist. Resistance is at 1.2967 and 1.3020, while support is at 1.2797, a break below would expose 1.2746 ahead of the critical 1.2662. In terms of the EUR/CHF, With bullish trend in place, focus is on resistance at 1.2525, a break above, which would open 1.2569. Meanwhile, support is at 1.2436 ahead of 1.2384, suggesting a bullish intraday view.
Moving to the EUR/GBP, “With the MACD below its zero line, the potential is for a downside move. A breach of 0.8421 would expose 0.8389 ahead of the important 0.8587 – the main resistance is at 0.8518.” notes the team. Finally, concerning the EUR/JPY, the first resistance is at 132.77, a break above this would open 134.38 ahead of the more critical 138.49 with support at 129.92.
In particular, any upside will be limited as bearish conditions persist. Resistance is at 1.2967 and 1.3020, while support is at 1.2797, a break below would expose 1.2746 ahead of the critical 1.2662. In terms of the EUR/CHF, With bullish trend in place, focus is on resistance at 1.2525, a break above, which would open 1.2569. Meanwhile, support is at 1.2436 ahead of 1.2384, suggesting a bullish intraday view.
Moving to the EUR/GBP, “With the MACD below its zero line, the potential is for a downside move. A breach of 0.8421 would expose 0.8389 ahead of the important 0.8587 – the main resistance is at 0.8518.” notes the team. Finally, concerning the EUR/JPY, the first resistance is at 132.77, a break above this would open 134.38 ahead of the more critical 138.49 with support at 129.92.