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EUR/USD: (1.4725) In channel off 1.3832

KBC Market Research Desk from KBC Bank at 11/04/09


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

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