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EUR/USD: (1.4095) Below bearish Flag

KBC Market Research Desk from KBC Bank at 01/21/10


Drop from 1.4580 puts the pair below the bearish Flag off 1.4218 (see graph), with 2nd target off 1.4626 (neckline daily Double Top) having been met (1.4107).
Support area at 1.4067/ .4060 (today’s low? + daily projection band bottom/ 1st target of broken daily Flag break off 1.4218), with next level at 1.4045 (Aug 17 low), where pause favored. If wrong, next levels at 1.4007/ .4003 (5th wave hourly off 1.4580/ daily envelope bottom): tough on 1st tests.
Resistance at 1.4142/ .4151 (broken daily Bollinger bottom/ daily envelope top), with next levels at 1.4177 (breakdown hourly), ahead of 1.4220/ .4252 (reaction high hourly/ breakdown daily + daily Short Term Moving Average↓), where pause favored.
Must sustain back above 1.4367 (daily Medium Term Moving Average↓) to call end on alert on €.

USD/JPY: (91.65) Above Flag off 93.78

EUR/GBP: (.8667) Has met 1st target off .8852

EUR/JPY: (129.12) Has met 1st target off 131.27

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