LONDON, June 21 - Following is a selection of comments from analysts on important technical developments in the foreign exchange market.
TOM NAGLE, TECHNICAL ANALYST, GNI
* EURO/DOLLAR: "The euro is trading just below its key daily moving average, now at $0.8609, and following the decline from Friday's $0.8674 high it is still just about within the bear channel which has contained price action over the last four trading days. After closing in London at $0.8507/10, it then rallied towards the $0.8560 level before trading the rest of the overnight session between $0.8537 and $0.8562. This overnight high ($0.8562) is also the 38.2 percent Fibonacci retracement of that recent decline, and a break of this level can trigger gains towards $0.8585 and $0.8605."