Daily Forex Forecasts 22-feb-2005 09:00GMT www.iforex.org

Daily Forex Forecasts 22-feb-2005 08:30GMT

EUR/USD

Resistance levels: 1.3185/ 1.3225
Support levels:1.3145/ 1.3130, 1.3085

EUR/USD ha sbroken the 1.3075-90 Resistance area and rose quickly towardsthe new target-1.3225.In short term the pair may meets Resistance at 1.3185 and corect towards 1.3145 immediate Support,even 1.3125.Then the upmove will continue towards 1.3225.The key Support stands at 1.3130-25

Buy EUR at 1.3140,Stop-loss-1.3120,Take profit-1.3220
USD/JPY

Resistance levels: 104.80/105.50/ 105.95
Support levels: 104.25/103.70

USD/JPY fell as expected below 105.00 psychological level.The crucial Resistance at 104.80 was broken and now price is falling towards 104.25 target.Now the previous Support at 104.80 has turn into important Resistance.Slight correction towards 104.80 Resistance may take place before the next fall comes towards 103.70,even 103.50 The key Support stands at 103.70.

Holding USD Short ,Stop-loss-104.80,Take profit-104.25(103.70)
EUR/JPY

Resistance levels: 138.30/138.65
Support levels: 137.30/137.00/136.60-50

The Cross traded in wide range between the key Support at 137.10-00 and the crucial Resistance at 138.30.Now a new test of 138.30 highs is possible and if it is successfull 138.65 Resistance and higher may be reached.On the other side,fall again below 137.25 would be sign for further downmove towards 136.60 Support
Strategy-neutral.
GBP/USD

Resistance level: 1.9080/1.9130/1.9200
Support levels: 1.9000/ 1.8960

The pound has broken the key Resistance at 1.8960 and new upwave started towards 1.9220.In Short term the pair meets strong Resistance at 1.9080-85.IF it is not broken,a slight correction is possible.Price will,however,stay above 1.9000 level and new upmove towards 1.9125 and 1.9225 may start.The key Support stands at 1.9000

Buy GBP at 1.9010,Stop-loss-1.1990,Take profit-1.9120