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EUR/USD: (1.3637) New reaction low on Fed's move

KBC Market Research Desk from KBC Bank at 02/22/10


New reaction low on Fed’s move but pair currently back in the daily channel off 1.5142 (bottom at 1.3582 today) and bullish engulfing last Friday: Support area at 1.3602 (today’s low?), with next levels at 1.3574 (break-up hourly), ahead of 1.3534/ .3514 (break-up hourly/ daily envelope bottom), where pause favored.
If wrong, next levels at 1.3483 (reaction low hourly), ahead of 1.3454/ .3443 (daily Bollinger bottom/ reaction low off 1.5145) and 1.3405 (61.8% 2008 low to 1.5145): tough on 1st attempts.
Resistance at 1.3655 (today’s high? + reaction high hourly), with next levels at 1.3673/ .3687 (daily envelope top/ weekly Short Term Moving Average↓ + breakdown hourly), where pause favored.
If wrong, next levels at 1.3751 (weekly envelope top), ahead of 1.3768/ .3789 (daily Bollinger midline/ last week high + see graph): tough on 1st attempts.

USD/JPY: (91.70) Currently above 91.28

EUR/GBP: (.8808) Back above .8796 and .8745

EUR/JPY: (125.04) Currently back above 124.28

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