19 March 2001, 17:43 US FX Daily Outlook:Dlr/yen reverses gains reached on BOJ easing (part 3)
* EUR/USD recovered from an intraday low of 0.8934 to a 4-day high of
0.9018 as USD/JPY retreated. A US moneycenter bank and a UK account were
spotted buying EUR/USD below 0.90.
The outlook is mixed, with the upside resisted at 0.9031 by the
200-day moving average.
Support: 0.8934 (overnight low), 0.8912 (March 16 low, 3-month low),
0.8979 (61.8% Fibonacci retracement level of the July 26-Oct. 26
downtrend), 0.8963 (50% Fibonacci retracement level of the June-Oct.
downtrend), 0.8950 (March 15 low; 3-month low), 0.8880 (Dec. 19 low),
0.8848 (61.8% Fibonacci retracement level of the Nov. 27-Jan. 5 uptrend),.
Resistance: 0.9018 (overnight high), 0.9031 (200-day moving average),
0.9136 (61.8% Fibonacci retracement level of the June-October downtrend),
0.9184 (20-day moving average), 0.9382 (March 2 peak).
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