EUR/USD: (1.4620) Drop from 1.4753 retested broken inverted channel top off 1.4015 (see graph)

Fri, Nov 16 2007, 06:31 GMT
by KBC Market Research Desk - KBC Bank | View company's profile

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next report should be on nov 20

Analysis Graph

Drop from 1.4753 retested the broken inverted channel top off 1.4015 and reapproaching it again (see graph).
1st Support area at 1.4604/ .4596 (yesterday low/ see graph: broken channel top), with next levels at 1.4571/ .61 (daily Medium Term Moving Average↑/daily envelope bottom), ahead of 1.4521 (current reaction low off 1.4753 + see graph: neckline of a Short Term Double Top?).
1.4490 = daily channel bottom off 1.3358: ideal area to stay above to keep current Medium Term upbias intact for €.
Resistance at 1.4645/ .4661 (breakdown hourly)), with next levels at 1.4684 (daily envelope top) and 1.4725/ .4728 (current week high/weekly Bollinger top), ahead of 1.4753/ .4775 (new high/daily Bollinger top), where a round of profit taking is favored to set in.

USD/JPY: (110.14) New reaction low off 117.95 and trying to extend back below channel from there

EUR/GBP: (.7149) New year high on break above broadening pattern off .7007

EUR/JPY: (161.11) Currently back below the daily Uptrendline off 2006 low: stands today at 162.63

Download Full Forex Technical Analysis

Published On Fri, Nov 16 2007, 07:39 GMT

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KBC Bank

http://www.kbc.be/dealingroom

piet.lammens@kbc.be

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