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EUR: Possibly attempt small longs at 1.4380; stop below 1.4195

Tue, Sep 30 2008, 07:09 GMT
by Nicole Elliott

Mizuho Corporate Bank


EUR

Comment: Trying to stabilise at the 50% retracement level and should dither here again today.

Strategy: Possibly attempt small longs at 1.4380; stop below 1.4195. Short term target 1.4550, then 1.4700.


EUR/JPY

Comment: Collapsing and re-testing key long term support. Expect some hesitation today and a move a lot lower later next month.

Strategy: Sell at 150.00, adding to 152.00; stop above 154.05. Short term target 149.00, then 147.50/147.00.


GBP

Comment: Trying to steady itself against 1.8000. Prices will probably hold very nervously roughly between 1.7800 and 1.8500 this week and maybe for the next three.

Strategy: Possibly attempt small longs at 1.8000; stop below 1.7900. Short term target 1.8200, maybe 1.8400.


JPY

Comment: Re-testing recent lows where a sustained break below 103.50 should really set things going South. Maybe not today, but look carefully at monthly and quarterly charts tomorrow morning, for important breaks.

Strategy: Sell at 104.40 but only if prepared to add to 105.50; stop above 107.10. Short term target 103.50, then 102.50.


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Mizuho Corporate Bank  | 1-3-3, Marunouchi, Chiyoda-ku, Tokyo 100-8210
http://www.mizuho-cb.co.uk | Nicole.Elliot@mhcb.co.uk

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