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EUR/USD: (1.5032) New recovery high above channel top from 1.3832

KBC Market Research Desk from KBC Bank at 10/23/09


Next report should be on Oct 27

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 now above channel top off 1.3832 (see graph).
Support area at 1.5011/ .4991 (break-up hourly/ daily Short Term Moving Average↑), with next levels at 1.4970/ .4962 (daily envelope bottom/ reaction low hourly), ahead of 1.4933/ .4921 (break-up hourly/ daily projection band bottom).
1.4888 (daily Medium Term Moving Average↑): ideal area to stay above to keep current short term outlook intact for €.
Resistance at 1.5061 (today’s + new recovery high off 2008 low?), with next levels at 1.5098/ .5115 (daily envelope top/ daily Bollinger 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 1.5204 (daily Starc top): tough on 1st attempts.

USD/JPY: (91.58) Above 90.42 and in Flag off 88.01

EUR/GBP: (.9026) Still below .9078

EUR/JPY: (137.74) In channel off 129.58

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