Daily Forex Forecasts 17-feb-2005 09:00GMT www.iforex.org

Daily Forex Forecasts 17-feb-2005 09:00GMT

EUR/USD

Resistance levels: 1.3050-60/1.3085/1.3100
Support levels: 1.3020/1.2965/1.2925/1.2855

EUR/USD found Support at 1.2965 yesterday and renew its upmove towards 1.3050.Now the pair has formed a tepmorary top and correction may be seen soon.If the immediate Support at 1.3020 is broken,we may see further fall again towards 1.2965 and 1.2925.

Sell EUR at 1.3015,Stop-loss-1.3030,Take profit-1.2965(1.2925)
USD/JPY

Resistance levels: 105.50/105.95/106.25
Support levels: 105.15/104.80/104.60

USD/JPY has formed a bottom at 104.25 yseterday and turned in positive territory towards 106.50 .Now there USD/JPY meets Support at 105.15 and immediate Resiatnce at 105.50.If the Resistance at 105.50 is broken,we may see further rise towards 105.90 and even 106.25 in short term.The key Support is at 104.80-70

Strategy-neutral
EUR/JPY

Resistance levels: 137.65/138.35
Support levels: 137.20/136.85/136.60/135.50

The Cross rose to 137.61 yesterday.At these levels the pair meets strong Resistance.Eventual fall below the immediate Suport at 137.20 would be sign for further downmove towards 136.85 and 136.60.We expect even further fall towards 135.50 maybe in next days.The key Support is at 135.50

Sell EUR at 137.15,Stop-loss-137.30,Take profit-136.60(135.50)
GBP/USD

Resistance level: 1.8910/1.8960
Support levels:1.8850/1.8830/1.8785/1.8750

The Pound fell again below 1.8900 and now fall towards 1.8830 an then 1.8770 may be seen.We expect the crucial Resiatnce at 1.8880 to hold before the downmove again towards 1.8830 to take place.The key Support is at 1.8830.

Sell GBP at 1.8880,Stop-loss-1.8900,Take profit-1.88830(1.8770)