Mizuho Corporate Bank

Technical Analysis 26 January 2010

EUR
EUR=EBS, Last Quote [Candle] EUR=, Bid [Ichimoku 9, 26, 52, 26] Daily
26Sep09 - 03Mar10
Pr

EUR=EBS , Last Quote, Candle

1.51
26Jan10 1.4151 1.4180 1.4071 1.4078
EUR= , Bid, Tenkan Sen 9 1.505
26Jan10 1.4290
EUR= , Bid, Kijun Sen 26 1.5
26Jan10 1.4304
EUR= , Bid, Senkou Span(a) 52 1.495
02Mar10 1.4297
EUR= , Bid, Senkou Span(b) 52 1.49
02Mar10 1.4585
EUR= , Bid, Chikou Span 26 1.485
22Dec09 1.4076
1.48

1.475

1.47

1.465

1.46

1.455

1.45

1.445

1.44

1.435

1.43
38.2
1.425

1.42

1.415

1.41

1.405
50.0
1.4
30Sep09 07Oct 14Oct 21Oct 28Oct 04Nov 11Nov 18Nov 25Nov 02Dec 09Dec 16Dec 23Dec 30Dec 06Jan 13Jan 20Jan 27Jan 03Feb 10Feb 17Feb 24Feb 03Mar

Comment: Currently capped at 1.4200 and retreating to re-test the 50% Fibonacci retracement from April
2009’s low (not October 2008’s low). One-month at-the-money implied volatility appears to have based around
10.00% and should now squeeze up to 13.50%. Over the next few weeks we feel the Euro should stabilise and form
a new interim low but this could be a slow, nerve-wracking process.

Strategy: Possibly attempt very small longs at 1.4080; stop below 1.4000. Short term target 1.4180 but be
ready to re-buy on a sustained break above 1.4225 for 1.4400.
Chart Levels:
Support Resistance Direction of Trade
1.4071 1.4120
1.4050 1.4182/1.4195*
1.4029* 1.4220
1.4000** 1.4311
1.3900 1.4415

Produced by London Branch - Nicole Elliott +44-20-7786-2509

The information contained in this paper is based on or derived from information generally available to the public from sources believed to be reliable. No representation or
warranty is made or implied that it is accurate or complete. Any opinions expressed in this paper are subject to change without notice. This paper has been prepared
solely for information purposes and if so decided, for private circulation and does not constitute any solicitation to buy or sell any instrument, or to engage in any trading
strategy.

Charts provided by Reuters.