KBC Technical Analysis Forex From KBC Market Research Desk - More research on www.kbc.be/dealingroom KBC Bank N.V. - Treasury and Capital Markets Front Office, Market Research … … May 21, 2007 EUR/USD:(1.3515) Back in LT channel of 1.2877 and in Bullish Flag (see graph) 23 2007 2 April 9 16 23 30 May 7 14 21 1.325 1.330 1.335 1.340 1.345 1.350 1.355 1.360 1.365 1.370 HOURLY CHARTS 1.3442 1.3683 1.3462 FOREX EUR=,22 (1.35150003, 1.35189998, 1.35130000, 1.35140002, +0.00000000) The drop off 1.3683 has …

KBC Bank N.V. - Treasury and Capital Markets Front Office, Market Research 2 KBC Technical Analysis Forex Monday, May 21, 2007 USD/JPY: (121.26): Retested channel bottom off 115.16 and above bullish Flag top off 120.47 (see graph) 23 2007 2 April 9 16 23 30 May 7 14 21 116.0 116.5 117.0 117.5 118.0 118.5 119.0 119.5 120.0 120.5 121.0 121.5 116.38 119.87 117.61 119.50 120.59 120.47 i 121.39 FOREX JPY=,22 (121.26000214, 121.29000092, 121.23000336, 121.23999786, -0.01000214 Move above bullish Flag top off 120.47 sent the pair to a new recovery high, above 119.75 ( daily Downtrend- line off year high). 1st Resistance area at 121.33/ .39 (broken daily Uptrendline off 115.16/ current new recovery high off 115.16), with next levels at 121.48/ .53 (daily Bollinger top/ daily envelope top) + daily projection band top), ahead of 121.63 (Feb 12 high), where pause favored. If wrong, next level at 121.86 (2nd target of a daily Double Bottom off 118.51), where downwards reaction favored to set in. 1st support area at 120.91 (daily envelope bottom + daily Short Term Moving Average?), with next levels at 120.59/ .42 (previous reaction high + weekly envelope bottom/ daily Medium Term Moving Average?): ideal area to stay above to keep current mood intact. 119.79 = daily Flag bottom off 115.16 : key for Medium Term development.

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