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17 Jul 2013
Flash: EUR/USD retains risk towards downside – UBS
FXstreet.com (New York) - UBS Strategists, Gareth Berry and Geoffrey Yu take a technical perspective at today's EUR crosses.
“Yesterday the EUR/USD again saw the test of critical resistance at 1.3164, which was held on closing basis. With the MACD still below its zero line, the broader risk remains for the pair to resume downside. Support is at 1.2981 ahead of 1.2755, suggesting a bearish outlook.” the analysts note. In terms of the EUR/CHF, critical resistance is at 1.2485. A closing break above this would be positive, opening 1.2650. Downside should be limited, with support at 1.2342, which is expected to hold on closing basis.
Moving to the EUR/GBP, the cross closed above the key resistance at 0.8656. With the momentum tools crossing higher, a closing break above this would trigger further upside towards 0.8815. Support is at 0.8575. Finally, concerning the EUR/JPY, upside is held by the resistance at 131.12 ahead of the key 133.80. Downside should be limited, and we expect the support at 128.04 to hold on closing basis.
“Yesterday the EUR/USD again saw the test of critical resistance at 1.3164, which was held on closing basis. With the MACD still below its zero line, the broader risk remains for the pair to resume downside. Support is at 1.2981 ahead of 1.2755, suggesting a bearish outlook.” the analysts note. In terms of the EUR/CHF, critical resistance is at 1.2485. A closing break above this would be positive, opening 1.2650. Downside should be limited, with support at 1.2342, which is expected to hold on closing basis.
Moving to the EUR/GBP, the cross closed above the key resistance at 0.8656. With the momentum tools crossing higher, a closing break above this would trigger further upside towards 0.8815. Support is at 0.8575. Finally, concerning the EUR/JPY, upside is held by the resistance at 131.12 ahead of the key 133.80. Downside should be limited, and we expect the support at 128.04 to hold on closing basis.