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2 Aug 2013
Flash: EUR/USD bull trend intact – UBS
FXstreet.com (New York) - UBS Strategists, Gareth Berry and Geoffrey Yu take a technical perspective at today's EUR crosses.
Key quotes
“Yesterday’s sharp EUR/USD sell-off is viewed as a correction to unwind the overextended upside extremes. With the bull trend intact, potential is for the pair to move above 1.3302 to test the key resistance at 1.3417. Support is at 1.3120, suggesting a bullish outlook” the analysts note.
In terms of the EUR/CHF, following the test of key support at 1.2313, the cross advanced. Significantly, this strength is approaching the key resistance at 1.2404. A closing break above this would trigger further upside.”
Moving to the EUR/GBP, “Risk is for to short term correction to unwind the overextended upside conditions. Support is at 0.8660. Resistance is at 0.8815.” Finally, concerning the EUR/JPY, “The cross advanced after the test of critical support at 129.77. With the MACD still above the zero line, the risk is for further upside. Resistance is at 133.80.”
Key quotes
“Yesterday’s sharp EUR/USD sell-off is viewed as a correction to unwind the overextended upside extremes. With the bull trend intact, potential is for the pair to move above 1.3302 to test the key resistance at 1.3417. Support is at 1.3120, suggesting a bullish outlook” the analysts note.
In terms of the EUR/CHF, following the test of key support at 1.2313, the cross advanced. Significantly, this strength is approaching the key resistance at 1.2404. A closing break above this would trigger further upside.”
Moving to the EUR/GBP, “Risk is for to short term correction to unwind the overextended upside conditions. Support is at 0.8660. Resistance is at 0.8815.” Finally, concerning the EUR/JPY, “The cross advanced after the test of critical support at 129.77. With the MACD still above the zero line, the risk is for further upside. Resistance is at 133.80.”