26 June 2001, 16:15  TECHNICALS-Forex market outlook and key levels

LONDON, June 26 - Following is a selection of comments from analysts on important technical developments in the foreign exchange market.
RAHUL BADHWAR, SENIOR MARKETING MANAGER, HSBC, BOMBAY
* EURO/DOLLAR: "Yesterday we had recommended selling the euro on upticks to $0.8600 and $0.8630. Yesterday was a bearish shooting star candle at upper Bollinger resistance which supports our bearish view. However, given that daily momentum is above the zero line, we would prefer to see a daily close below mid-Bollinger support at $0.8550 to confirm our bearish outlook for a test of lower Bollinger at $0.8427. Immediate support for today at $0.8580, minute head and shoulders neckline, and then $0.85, head and shoulders continuation neckline. As long as $0.8580 is holding cannot rule out a a marginal new high. Hold your $0.8600 shorts."

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