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EUR/USD: (1.4104) Above Triangle pattern, but at apex (see graph)

Tue, Jun 30 2009, 05:25 GMT
by KBC Market Research Desk

KBC Bank


Analysis
Daily Long Term Moving Average↑ (1.39551 today) managed to act as Support in recent downmove, with pair above Triangle pattern, but at apex (see graph).
Support area at 1.4077/ .4071 (break-up hourly/ reaction low hourly), with next levels at 1.4034 (daily Short Term Moving Average↑), ahead of 1.4008/ .3996 (daily envelope bottom/ daily Bollinger midline) and 1.3964/ .3954 (daily Medium Term Moving Average→/ 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 1.4131/ .4139 (today’s high?/ last week high), with next levels at 1.4178 (June 11 high + see graph: neckline Double Bottom), ahead of 1.4199/ .4208 (daily envelope top + 76.4%1.4339 to 1.3748/ weekly envelope top + daily Bollinger top).
1.4253 = daily Downtrendline off Sept 2008: tough on 1st attempts.

USD/JPY: (95.70) 95.26 = 2nd target off 97.08 has been met

EUR/GBP: (.8483) Retesting channel bottom off .9082

EUR/JPY: (135.10) Retesting 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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