Daily Forex Forecasts 08-feb-2005 09:00GMT

Daily Forex Forecasts 08-feb-2005 09:00GMT

EUR/USD

Resistance levels:1.2815/ 1.2855/ 1.2875/ 1.2910
Support levels:1.2745/ 1.2640

EUR/USD was all the way to 1.2735 before it found Support. The downside may be a bit overdone – so the pair may test the lows and then consolidate back to the 1.2825 area before falling again.Now the pair will meet Support at 1.2748 and start correction towards 1,2815 at least,if the immeadiate Resistance at 1,2755 is broken.Then the next downwave towards 1.2640 may take place.The key Support is at 1.2745.

Buy EUR at 1.2755,Stop-loss-1.2740,Take profit-1.2815
USD/JPY

Resistance levels:105.65/106.60
Support levels: 105.20/104.68/104.10/103.85

The japanese Yen rose above 105.00 yesterday as expected.Now we expect range trade between the important Resistance at 105.65 and the crucial Support at 104.68.USD/JPY is in consolidation now.We expect 104.68 Support to hold and we may see further upmove towards 106.60 in next sessions.The key Support is at 104.10
Buy USD at 105.70,Stop-loss-105.40,Take profit-106.55.
EUR/JPY

Resistance levels:134.60/134.90/135.10/135.70
Support levels: 133.70/133.60/133.20/132.75

EUR/JPY didn’t follow through lower after testing the 133.65 area lows again.Now the sentiment is neutral and the Cross may test the important Resistance at 134.60,before falling back towards 133.70.If the Support at 133.70 is broken,further sharp fall towards 132.75 may take place.The key Support is at 133.70-60.
Sell at 134.60,Stop-loss-134.80,Take profit-133.70(132.75)
GBP/USD

Resistance level:1.8630/1.8685/1.8720
Support levels: 1.8550/ 1.8525/1.8420

The Pound fell to 1.8545 and now the sentiment is neutral for the pair.Situation of oversold and strong Support at 1.8550 will push the price towards 1.8630 soon.If the Resistance at 1.8630 is broken,we may see even rise towards 1.8680-85.Then the downmove is expected to be renewed towards 1.8420.

Buy GBP at 1.8565,Stop-loss-1.8520,Take profit-1.8630(1.8685)