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EUR/USD: (1.4894) New recovery high has tested channel top from 1.3832

KBC Market Research Desk from KBC Bank at 10/22/09


Rebound off 1.4480 has sent the pair to a new recovery high, meeting 2nd target of daily Double Bottom off 1.3739 at 1.5021 and tested channel top off 1.3832 (see graph).
Support area at 1.4958/ .4947 (break-up hourly + daily Short Term Moving Average↑/ daily envelope bottom), with next levels at 1.4893 (daily projection band bottom), ahead of 1.4862 (daily Medium Term Moving Average↑): ideal area to stay above to keep current short term outlook intact for €.
If unable to hold, next levels at 1.4829 (current week low), ahead of 1.4774/ .4766 (daily Bollinger midline + daily Stop And Reverse/ weekly envelope bottom): tough on 1st attempts.
Resistance at 1.5047 (new recovery high off 2008 low), with next levels at 1.5075/ .5082 (daily Bollinger top/ daily envelope top + weekly projection band top), where pause favored.
If wrong, next level at 1.5164 (76.4% 1.6040 to 1.2331 + broken weekly Uptrendline off March low), ahead of 1.5190 (daily Starc top): tough on 1st attempts.

USD/JPY: (91.14) Above 90.42 and in Flag off 88.01

EUR/GBP: (.9032) Below .9078

EUR/JPY: (136.68) In channel off 129.58

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