Forex Flash: EUR crosses characterized by neutral intraday-term outlook – 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, as there is a strong resistance at 1.3138 onto 1.3228. Conversely, support lies at 1.2988 ahead of 1.2896. In terms of the EUR/CHF, resistance is at 1.2230, ahead of 1.2260 – while there is a significant support at 1.2120 as only a break below this would be a major bearish development, suggesting a neutral intraday view.

Moving to the EUR/GBP, neutrality also reigns –the cross is unwinding the sharp sell-off of March. Resistance is at 0.8560 ahead of 0.8602, while support is at 0.8463 ahead of 0.8410. The lone exception to this sideways trend is the EUR/JPY, as the pair is bullish in the near-term. Indeed, as long as support at 126.53 holds, there’s risk for resumption of strength. Additionally, resistance is at 132.05 ahead of 134.48.