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EUR/USD: (1.4926) New recovery high on move back above channel from 1.3832

KBC Market Research Desk from KBC Bank at 10/18/09


Next report should be on Oct 20

Rebound off 1.4480 puts the pair back above channel off 1.3832 (see graph) and back above inverted daily channel top off June low (1.4817 today), with new recovery high.
Support area at 1.4907 (daily envelope bottom), with next levels at 1.4885 (daily Short Term Moving Average↑), ahead of 1.4845/ .4839 (previous recovery high/ reaction low hourly).
1.4748/ .4723 = daily Medium Term Moving Average↑/ daily Bollinger midline: ideal area to stay above to keep current short term outlook intact for €.
 Resistance at 1.4968/ .4984 (today’s high?/ 2nd Irregular B off 1.4480), ahead of 1.5008 (monthly envelope top) and 1.5021/ .5030 (2nd target of daily Double Bottom off 1.3739/ daily envelope top), where pause favored.
If wrong, next level at 1.5085 (daily Starc top) and 1.5164 (76.4% 1.6040 to 1.2331): tough on 1st attempts.

USD/JPY: (90.82) Above 90.42

EUR/GBP: (.9124) Currently below .9160

EUR/JPY: (135.67) Above channel off 138.72

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