Back
13 May 2013
Forex Flash: EUR/USD faces neutral outlook in near-term – 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 – Friday’s sell-off stalled exactly at the strong support at 1.2936. A closing break below would be a bearish development, triggering a deeper sell-off to 1.2746. Resistance is at 1.3051 ahead of 1.3194. In terms of the EUR/CHF, the latest strength suggests more upside in the near-term. Resistance is at 1.2515 ahead of 1.2569, leaving support is at 1.2361.
Moving to the EUR/GBP, while resistance at 0.8498 holds, the cross remains vulnerable. Support is at 0.8389 ahead of 0.8287, indicating an overall bearish outlook. Finally, the EUR/JPY is bullish in the near-term; the cross posts a new recovery high and there is no major resistance until the critical 134.38. Support is at 131.08.
In particular, the EUR/USD maintains a neutral outlook – Friday’s sell-off stalled exactly at the strong support at 1.2936. A closing break below would be a bearish development, triggering a deeper sell-off to 1.2746. Resistance is at 1.3051 ahead of 1.3194. In terms of the EUR/CHF, the latest strength suggests more upside in the near-term. Resistance is at 1.2515 ahead of 1.2569, leaving support is at 1.2361.
Moving to the EUR/GBP, while resistance at 0.8498 holds, the cross remains vulnerable. Support is at 0.8389 ahead of 0.8287, indicating an overall bearish outlook. Finally, the EUR/JPY is bullish in the near-term; the cross posts a new recovery high and there is no major resistance until the critical 134.38. Support is at 131.08.