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Forex Technical Analysis

EUR/USD: (1.2498) Retested inverted channel bottom off 1.3385 (see graph)

Wed, Mar 4 2009, 06:24 GMT
by KBC Market Research Desk

KBC Bank  |  View company's profile


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Analysis
Retested inverted channel bottom off 1.3385 held (see graph) and daily Bollinger bottom (1.2463 today).
Support area at 1.2459/ .2450 (today’s low? + daily envelope bottom/ daily Fibonacci Fan Line), ahead of 1.2394/ .2375 (daily projection band bottom/ weekly envelope bottom), where pause favored.
If wrong, next levels at 1.2331 (reaction low off high), ahead of 1.2241 (daily Starc bottom): tough on 1st attempts.
Resistance at 1.2525 (breakdown hourly), with next levels at 1.2596/ 1.2608 (reaction high hourly/ daily envelope top + daily Short Term Moving Average↓), ahead of 1.2668/ .2677 (daily Medium Term Moving Average↓/ current week high): tough on 1st attempts.

USD/JPY: (98.39) Above 94.65

EUR/GBP: (.8921) Currently back below Long Term channel off .7694

EUR/JPY: (123.03) Exploded above 119.61


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Legal disclaimer and risk disclosure

This non-exhaustive information is based on short-term forecasts for expected developments on the financial markets. KBC Bank cannot guarantee that these forecasts will materialize and cannot be held liable in any way for direct or consequential loss arising from any use of this document or its content. The document is not intended as personalized investment advice and does not constitute a recommendation to buy, sell or hold investments described herein. Although information has been obtained from and is based upon sources KBC believes to be reliable, KBC does not guarantee the accuracy of this information, which may be incomplete or condensed. All opinions and estimates constitute a KBC judgment as of the data of the report and are subject to change without notice.
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