LONDON, June 15 - Following is a selection of comments from analysts on important technical developments in the foreign exchange market.
NICOLE ELLIOT, TECHNICAL ANALYST, IBJ
* EURO/DOLLAR: "Yesterday's close at the highest level in three weeks has put the market on course to close above weekly trendline resistance at $0.8600 today. Consolidation above here today should cause another sharp rally today for a test of critical resistance between $0.8700 and $0.8745."
* EURO/YEN: "Today's squeeze above 104.67 yen has confused an already messy picture. Allow for a tentative squeeze up to 105.15 today, noting that only a weekly close above here will prevent the next downside test we had been looking for. This would then put prices back inside the big old trading band 104.00 to 112.00. For this morning allow for consolidation between 105.15 and 104.00."