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8 Apr 2013
Forex Flash: EUR crosses are technically mixed - UBS
FXstreet.com (Barcelona) - UBS Strategists Gareth Berry and Geoffrey Yu have taken a look at today's EUR crosses from a technical perspective.
They begin with EUR/CHF and note that they are neutral ahead and there is significant support at 1.2120; and a break below this would be a major bearish development. They see resistance at 1.2184. For EUR/GBP, they are bearish and note that there is initial support at 0.8410, and a break below would extend weakness to 0.8364. They see resistance is at 0.8522 ahead of 0.8557. Finally, shifting to EUR/JPY, they are bullish, commenting that the cross posted a new recovery high this morning and there is scope for a test of crucial resistance at 132.05, with support at 123.87.
They begin with EUR/CHF and note that they are neutral ahead and there is significant support at 1.2120; and a break below this would be a major bearish development. They see resistance at 1.2184. For EUR/GBP, they are bearish and note that there is initial support at 0.8410, and a break below would extend weakness to 0.8364. They see resistance is at 0.8522 ahead of 0.8557. Finally, shifting to EUR/JPY, they are bullish, commenting that the cross posted a new recovery high this morning and there is scope for a test of crucial resistance at 132.05, with support at 123.87.