FXstreet.com

Forex Technical Analysis

7

0

EUR/USD: (1.4725) In channel off 1.3832

Wed, Nov 4 2009, 06:33 GMT
by KBC Market Research Desk

KBC Bank


Hourly

Drop from new recovery high puts the pair back in channel off 1.3832 and back in the inverted daily channel off June low (top at 1.4908 today), with daily Uptrendline off March low under threat (1.4750 today).
Support area at 1.4698 (break-up hourly), with next levels at 1.4640 (daily Bollinger bottom + daily envelope bottom), ahead of 1.4626/ .4624 (current reaction low off 1.5064/ weekly envelope bottom), where pause favored.
If wrong, next levels at 1.4594 (2nd target off 1.4859: see graph), ahead of 1.4574 (daily projection band bottom) and 1.4528/ .4516 (monthly envelope bottom/ monthly Short Term Moving Average↑): tough on 1st attempts.
Resistance at 1.4753/ .4771 (daily Short Term Moving Average→/ broken daily Long Term Moving Average→), with next levels at 1.4803 (daily envelope top), ahead of 1.4846/ .4852 (current week high/ daily Medium Term Moving Average↓) and 1.490/ .4908 (weekly envelope top/ see above), where pause favored.
1.5064 = recovery high off 2008 low + daily Bollinger top: tough on 1st attempts.

USD/JPY: (90.33) Below Flag bottom off 88.01

EUR/GBP: (.8966) Below .9160 and .9078

EUR/JPY: (133.11) Drop from 138.49 retested broken channel top

Published on  Wed, Nov 4 2009, 06:39 GMT


Archive

KBC Bank  | Havenlaan 12, 1080 Brussels
http://www.kbc.be/dealingroom | piet.lammens@kbc.be

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.

Related reports

Weekly Focus - Squaring positions by Danske Bank A/S
Fri, Nov 20 2009, 16:45 GMT

Intraday Forex Technical Report - U.S. Update: More dollar corrections by FXstreet.com Independent Analyst Team
Fri, Nov 20 2009, 16:15 GMT

Weekly Market Commentary - The trend to lower interest rates continues by Mizuho Corporate Bank
Fri, Nov 20 2009, 15:48 GMT

Daily Market Report - There are indications that the market is reducing its exposure to risk by Wells Fargo Investments, LLC
Fri, Nov 20 2009, 15:19 GMT

Fundamental Currencies Comments - Dollar climbs vs. majors by ecPulse.com
Fri, Nov 20 2009, 15:15 GMT

eurusd, eurjpy, techbanks, eurgbp, highlighted, usdjpy

View All

Related content


Interested in forex trading? forex brokerage firms!


FOREX.com
Contact the broker/FDM
Open a demo account
ACM Advanced Currency Markets SA
Contact the broker/FDM
Open a demo account
Saxo Bank A/S
Contact the broker/FDM
Open a demo account		MF Global FXA Securities Ltd.
Contact the broker/FDM
Open a demo account		Alpari (UK) Limited
Contact the broker/FDM
Open a demo account

GET CASH BACK FOR YOUR TRADES!   Learn more about the Pip Rebate Program

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.

Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

©2009 "FXstreet.com. The Forex Market" All Rights Reserved.