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5 Aug 2013
Flash: EUR/USD upside path to 1.3417 in the cards? – UBS
FXstreet.com (New York) - UBS Strategists, Gareth Berry and Geoffrey Yu take a technical perspective at today's EUR crosses.
Key quotes
“With the EUR/USD bull trend intact, as reflected by the MACD above its zero line potential is for the pair to move above 1.3345 to test the key resistance at 1.3417. Support is at 1.3120, suggesting a bullish outlook.”
In terms of the EUR/CHF, “The cross came under pressure from key resistance at 1.2404. Our support focus is at 1.2313 which was defended well on closing basis the last time.”
Moving to the EUR/GBP, “The risk is for to short term correction to unwind the overextended upside conditions – support is at 0.8654, while 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
“With the EUR/USD bull trend intact, as reflected by the MACD above its zero line potential is for the pair to move above 1.3345 to test the key resistance at 1.3417. Support is at 1.3120, suggesting a bullish outlook.”
In terms of the EUR/CHF, “The cross came under pressure from key resistance at 1.2404. Our support focus is at 1.2313 which was defended well on closing basis the last time.”
Moving to the EUR/GBP, “The risk is for to short term correction to unwind the overextended upside conditions – support is at 0.8654, while 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.”