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EUR/USD: (1.4306) Testing Flag bottom

KBC Market Research Desk from KBC Bank at 01/08/10


Drop from last year high has met target of daily channel break off June low (1.4219) and puts the pair below the neckline of a daily Double Top off 1.4626, with 1st target at 1.4188 having been approached.
Testing Flag bottom (see graph): Support area at 1.4282 (reaction low hourly), with next levels at 1.4257/ .4251 (current week low/ daily envelope bottom + 200 Day Moving Average↑), where pause favored.
If wrong, next level at 1.4218 (reaction low off 1.5145), ahead of 1.4188 (see above + daily Bollinger bottom): tough on 1st tests.
Resistance at 1.4363 (daily Short Term Moving Average→), with next levels at 1.4378 (daily Bollinger midline + daily envelope top), ahead of 1.4400 (reaction high hourly), where pause favored.
If wrong, next levels at 1.4448/ .4458 (reaction highs hourly), ahead of 1.4485/ .4509 (current week high/ medium term breakdown hourly): tough on 1st attempts.

USD/JPY: (93.29) Retested broken channel bottom off 84.82

EUR/GBP: (.8971) Retested Downtrendline off .9154

EUR/JPY: (133.43) Back above 131.60

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