Mizuho Corporate Bank

Technical Analysis 25 January 2010

EUR
EUR=EBS, Last Quote [Candle] EUR=, Bid [Ichimoku 9, 26, 52, 26] Daily
16Sep09 - 02Mar10
Pr
EUR=EBS , Last Quote, Candle
25Jan10 1.4167 1.4173 1.4134 1.4163
1.51
EUR= , Bid, Tenkan Sen 9
25Jan10 1.4304
EUR= , Bid, Kijun Sen 26
25Jan10 1.4304 1.5
EUR= , Bid, Senkou Span(a) 52
01Mar10 1.4304
EUR= , Bid, Senkou Span(b) 52
01Mar10 1.4585 1.49
EUR= , Bid, Chikou Span 26
21Dec09 1.4162
1.48

1.47

1.46

1.45

1.44

1.43

1.42

1.41

1.4

28Sep09 12Oct 26Oct 09Nov 23Nov 07Dec 21Dec 04Jan 18Jan 01Feb 15Feb 01Mar

Comment: Stabilising and a small bounce from 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%. Note that on the ECB’s Effective Exchange Rate the Euro is only very fractionally over
the mean of the last two years. Over the next few weeks we feel the Euro should stabilise and form a new interim
low. Other currencies should also do something similar.

Strategy: Attempt small longs at 1.4160/1.4100; stop below 1.4000. Add to longs on a sustained break above
1.4225 for 1.4400.
Chart Levels:
Support Resistance Direction of Trade
1.4112 1.4173
1.4086 1.4182
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.