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20 Sep 2013
The sharp advance on Wednesday confirmed a close above important resistance at 133.80. This opens the door for further strength to the next critical resistance at 138.49. Support is at 131.87.
FXstreet.com (Edinburgh) -According to Strategists Geoffrey Yu and Gareth Berry at the Swiss lender UBS, the single currency faces different outlooks against its competitors.
Key quotes
Regarding the EUR/GBP, the stance is bearish: “The recent upside is just a correction within a bearish trend. The risk is for resumption of weakness from the resistance at 0.8467. Support is at 0.8353 ahead of 0.8285”.
In the meantime, the EUR/CHF remains neutral, noting, “Resistance is at 1.2363 ahead of 1.2415. Strong support is at 1.2268”.
And finally, the perspective for the EUR/JPY is bullish, suggesting, “The sharp advance on Wednesday confirmed a close above important resistance at 133.80. This opens the door for further strength to the next critical resistance at 138.49. Support is at 131.87”.
Key quotes
Regarding the EUR/GBP, the stance is bearish: “The recent upside is just a correction within a bearish trend. The risk is for resumption of weakness from the resistance at 0.8467. Support is at 0.8353 ahead of 0.8285”.
In the meantime, the EUR/CHF remains neutral, noting, “Resistance is at 1.2363 ahead of 1.2415. Strong support is at 1.2268”.
And finally, the perspective for the EUR/JPY is bullish, suggesting, “The sharp advance on Wednesday confirmed a close above important resistance at 133.80. This opens the door for further strength to the next critical resistance at 138.49. Support is at 131.87”.