Daily Forex Forecasts 10-feb-2005 09:00GMT www.iforex.org

Daily Forex Forecasts 10-feb-2005 09:00GMT

EUR/USD

Resistance levels:1.2815/ 1.2850/ 1.2875, 1.2910
Support levels: 1.2800/ 1.2745/ 1.2640

EUR/USD pushed higher through the minor 1.2800 resistance late yesterday and has so far held above that area.There may not be much action in EUR/USD before the US trade figure today.Now EUR/USD meets Resistance at 1.2825-30.IF it is broken,we may see slight further upmove towards the strong trend Resistance at 1.2850.Then downmove may take place towards 1.2750 atleast and lower towards 1.2640.Only levels above 1.2850 would be sign for further upmove towards 1.2910 and 1.2950

Sell EUR at 1.2850,Stop-loss-1.2870,Take profit-1.2750(1.2640
USD/JPY

Resistance levels:105.95-106.00/106.20/106.60/107.00
Support levels: 105.30/105.00/104.70/104.50/104.10

USD/JPY found resistance around the 105.95 highs and pulled back toward Support overnight. That Support currently comes in around 105.25-35.Test of 105.00 Support is also possible soon.IF it is broken,USD/JPY will meet strong Support at 104.80-70.On the other side,upmove again towards 105.95 and 106.20 may take place after the test of the mentioned above Supports.The key Support is at 104.70.
Buy USD at 105.00,Stop-loss-104.80,Take profit-105.90(106.20)
Buy USD at 106.25,Stop-loss-105.97,Take profit-107.00.
EUR/JPY

Resistance levels: 135.45/135.80/136.20/136.50
Support levels: 134.60/133.70/133.60/133.20

EUR/JPY may keep its rally legs after the big reversal two days ago and on the carry theme. The pair may make it to at least 135.80 Resistance in the short term, and could even pop higher toward 136.50.Long term picture,however, suggest downmove towards 134.00 and lower.The key Support is at 134.65

Sell EUR at 135.10,Stop-loss-135.30,Take profit-134.00(133.70
GBP/USD

Resistance level:1.8630/ 1.8685/1.8720
Support levels: 1.8550/ 1.8525/1.8460/1.8415

The important Resistance at 1.8630 held late ysetrday and Pound fell towards 1.8550.Now the sentiment is neutral and there chances for upmove towards 1.8670 and even 1.8720 after the US Data release later today.On the other hand,fall again towards 1.8500 is possible too,if the important Support at 1.8550 is broken

Strategy-neutral