Forex Flash: EUR/USD characterized by neutrality – 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 – resistance is at 1.3108, a break above this would open the more critical 1.3202 and then 1.3232. Meanwhile, support is at 1.2955 and 1.2920 – a breach here would be a bearish development. In terms of the EUR/CHF, there is scope for more upside and the next major resistance is at 1.2349, onto 1.2398. Support is at 1.2240, ahead of 1.2214, suggesting a bullish intraday view.

Moving to the EUR/GBP, there is a neutral bias, as support is at 0.8497, a break below which would expose 0.8463 ahead of 0.8410. Resistance is at 0.8590 ahead of 0.8648. The EUR/JPY is also bullish in the near-term. Indeed, as long as support at 127.82 holds, there is potential for the cross to extend its broader strength. Resistance is at 132.05 ahead of 134.38.