Euro-Asia crosses have traded in lackluster...>

FOREX: Euro-Asia crosses have traded in lackluster fashion today as range

trading looks likely in the near term. The failure of EURCNH to mount the 8.0

level yet again yesterday is a blow to bulls and suggests significant overhead

resistance. Bears need to break back below the 21-dma at 7.9305 to give them

some breathing room and look to carve out a topping pattern.

- EURKRW trades at 1306.6 as the uptrend from the mid-August lows remains intact

but lacks impulse, keeping the outlook neutral. 

- Bears continue to defend the 130 level in EURJPY keeping the outlook neutral

for now, with the pair trading at 129.27.

- EURAUD remains within its recent sharp uptrend, trading at 1.6313 as AUDUSD

struggles to cling onto the 0.71 level. While this move has been in part driven

by the narrowing of yield spreads between Aussie and German yields, in real

terms the widening trend remains intact suggesting continued EUR outperformance

faces risks.