EUR/USD: (1.4930) New recovery high on move back above channel from 1.3832

KBC Market Research Desk from KBC Bank at 10/21/09

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 (1.4839 today), with new recovery high, but Reversal Day.
Support area at 1.4883/ .4877 (reaction low hourly/ daily envelope bottom), with next levels at 1.4850/ .4829 (daily projection band bottom/ current week low + see graph).
1.4766/ .4753= weekly envelope bottom/ daily Bollinger midline: ideal area to stay above to keep current short term outlook intact for €.
Resistance at 1.4961 (breakdown hourly), with next levels at 1.4994/ .5008 (new recovery high off 2008 low/ daily + monthly envelope tops) and 1.5021/ .5030 (2nd target of daily Double Bottom off 1.3739 + weekly envelope top/ daily Bollinger top), where pause favored.
If wrong, next level at 1.5079 (daily + weekly projection band tops) and 1.5164/ .5168 (daily Starc top + 76.4% 1.6040 to 1.2331/ broken weekly Uptrendline off March low): tough on 1st attempts.

USD/JPY: (90.64) Currently back above 90.42

EUR/GBP: (.9187) Drop from .9413 retested .9078

EUR/JPY: (135.36) Above channel off 138.72