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4 Jul 2013
Flash: EUR/USD eyes key 1.2797 support – UBS
FXstreet.com (New York) - 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.
“With the EUR/USD bear trend intact focus is on the key support at 1.2797. A break below this would suggest scope for further downside. Resistance is at 1.3078, suggesting a bearish outlook.” the analysts note. In terms of the EUR/CHF, risk is for a rejection from the strong resistance at 1.2384 – support is at 1.2280 ahead of 1.2196.
Moving to the EUR/GBP, yesterday sharp sell-off puts our focus on the key support at 0.8498, which is tested a multiple times. Resistance is at 0.8607; a closing break above this would be positive opening 0.8656. Finally, concerning the EUR/JPY, the downside should be limited, and we expect the support at 128.04 to hold, while resistance is at 131.12 ahead of the key 133.80.
“With the EUR/USD bear trend intact focus is on the key support at 1.2797. A break below this would suggest scope for further downside. Resistance is at 1.3078, suggesting a bearish outlook.” the analysts note. In terms of the EUR/CHF, risk is for a rejection from the strong resistance at 1.2384 – support is at 1.2280 ahead of 1.2196.
Moving to the EUR/GBP, yesterday sharp sell-off puts our focus on the key support at 0.8498, which is tested a multiple times. Resistance is at 0.8607; a closing break above this would be positive opening 0.8656. Finally, concerning the EUR/JPY, the downside should be limited, and we expect the support at 128.04 to hold, while resistance is at 131.12 ahead of the key 133.80.