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Following is a selection of comments from analysts on important technical developments in the foreign exchange market.
EURO/DOLLAR: "For the key reversal day yesterday to remain valid, we shouldn't close above yesterday's high. If we make a move to take out yesterday's high of $1.3385, in all honesty, though it was a very nice key reversal, it gave a false signal.
If we don't go through today we could go to $1.3235 and complete a very nice double top along with the reversal, which could take us all the way back to $1.3075. But if we break yesterday's high, then it is a false signal and we continue on to the medium-term target."
"As we stand at the moment, we will get the 11thh consecutive up-week in the euro, which is unprecedented. Before this, nine weeks was the longest. The momentum of this move is very strong. It is moving into the realm of being a little excessive. In last two occasions with multiple up weeks - seven weeks to $1.1935, the 2003 high, and nine weeks into the $1.29 highs this year, once we broke that trend of up week closes we went into a consolidation.
We can't pre-empt the trend at this moment, but if we see it flagging, we could have a decent pullback."
STERLING/DOLLAR: "On sterling, we have taken out the year's highs at $1.9142 and there is little resistance. Sterling has been lagging in that you have already seen currencies like the Canadian dollar, the euro and the Swiss franc take out (their highs versus the dollar) earlier this year. Sterling has done some catch-up and if the move continues, sterling could find its way into the high $1.90s or even toward $2.00.
EURO/DOLLAR: "The trend has been for the euro to rally on Fridays and to close out on session highs. That has been a pretty consistent element of this rally. We had another key reversal on November 18, a key reversal on November 10 and key reversal on October 26 and when the market doesn't react to those it is a pretty powerful tech signal."
"Euro/dollar is overextended on many different technical indicators, but if we get a decent close, the market will probably continue to grind higher next week.
We have good support at $1.3220 on euro/dollar and I would only be concerned if we broke below $1.3050."
DOLLAR INDEX - "On the dollar index, we also had a key reversal day on Thursday, but the price action is doing a lot to unwind that.
If we close at current levels, it will negate the signal and suggest that we test the 80 level shortly, which is the April 1995 low." Currency bid prices at 20:35 GMT.
All data taken from Reuters calculated from the levels at 4:30 pm (21:30 GMT) in the previous New York session.

Copyright Reuters, 2004

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