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EUR/USD: (1.4033) Above Triangle pattern, but at apex (see graph)

Mon, Jun 29 2009, 05:25 GMT
by KBC Market Research Desk

KBC Bank


Analysis

Daily Long Term Moving Average↑ (1.3934 today) managed to act as Support in recent downmove, with pair above Triangle pattern, but at apex (see graph).
pause favored.
Support area at 1.4003/ .3995 (daily Bollinger midline/ break-up hourly), with next levels at 1.3972/ .3954 (daily envelope bottom/ break-up hourly + daily Medium Term Moving Average↑), ahead of 1.3934 (see above), where pause favored. If wrong, next levels at 1.3889/ .3888 (reaction lows hourly), ahead of 1.3866/ .3860 (weekly Uptrendline off March low/ weekly envelope bottom): tough on 1st attempts.
Resistance at 1.4076 (today’s high?), with next levels at 1.4119 (reaction high hourly), ahead of 1.4139/.4157 (last week high/ daily envelope top + daily projection band top) and 1.4178 (June 11 high + see graph: neckline Double Bottom), where pause favored.
If wrong, risk towards 1.4199/ .4211 (76.4%1.4339 to 1.3748/ weekly envelope top), ahead of 1.4250/ .5258 (daily Bollinger top/ daily Downtrendline off Sept 2008): tough on 1st attempts.

USD/JPY: (95.44) 95.26 = 2nd target off 97.08 has been met

EUR/GBP: (.8511) Back in channel off .9082

EUR/JPY: (133.95) Reapproached 135.29


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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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