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EUR/USD: (1.3889) Still above channel off 1.4580

KBC Market Research Desk from KBC Bank at 02/04/10


Drop below the bearish Flag off 1.4218 sent the pair to a new reaction low and tested the daily channel bottom off 1.5142 (1.3832 today), but currently still above channel from 1.4580 (see graph): Support area at 1.3866 (reaction low hourly), with next levels at 1.3851 (current reaction low off 1.5145), ahead of 1.3838/ .3832 (daily envelope bottom/ see above), where pause favored, amid overextended readings.
If wrong, next level at 1.3783/ .3765 (Irregular B off 1.4027/ broken daily Donwtrendline off Sept 2008), ahead of 1.3748/ .3738 (June 2009 low/ 50% 2008 low to 1.5145) and 1.3723 (daily Bollinger bottom): tough on 1st attempts.
Resistance at 1.3952/ .3962 (daily envelope top/ breakdown hourly), with next levels at 1.3993 (breakdown hourly), ahead of 1.4027/ .4029 (current week high/ daily Medium Term Moving Average↓), where pause favored.
If wrong, next levels at 1.4053 (reaction high hourly), ahead of 1.4101 (50 Week Moving Average↓ (tough on 1st attempts.

USD/JPY: (90.91) Met 1st target off 90.56

EUR/GBP: (.8736) Above channel off .9028

EUR/JPY: (126.20) Below 127.32

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