Daily Forex Forecasts 07-mar-2005 09:00GMT

Daily Forex Forecasts 07-mar-2005 08:30GMT

EUR/USD

Resistance levels:1.3250-55/ 1.3285/ 1.3305
Support levels:1.3215/ 1.3190/ 1.3175

EUR/USD rose to 1.3256 on Friday.Now the pair is in its 4th wave and consolidation towards 1.3190 and even 1.3175 may be seen before the final 5th wave towards 1.3300-1.3310.The pair meets immediate Support at 1.3215 and stronger one at 1.3190.

Buy EUR at 1.3180,Stop-loss-1.3160,Take profit-1.3250(1.3280)
USD/JPY

Resistance levels: 105.05-15/105.60/105.95
Support levels: 104.35/104.10/ 103.80

USD/JPY found found Support at 104.35 on friday and bounced again towards 105.00 Resistance.Now the sentiment remains bullish for the pair and if the final Resistance at 105.15 is broken,further rise towards 105.60 may take
place.On the other side,If it holds ,downmove back towards 104.35 and even 104.00 may take place.The key Support is at 104.35.

Sell USD at 105.10,Stop-loss-105.30,Take profit-104.40(104.00)
EUR/JPY

Resistance levels:138.90/139.40
Support levels: 138.50/138.00/137.35

The Cross rose higher than expected and reached 138.85.Now consolidation back towards 138.35 and below towards 138.00 may be seen soon,before the next upwave towards previous highs at 139.40.The key Support stands at 138.00.

Strategy-neutral.
GBP/USD

Resistance level:1.9255-60/1.9300-10
Support levels:1.9180-70/1.9140/1.9060

GBP/USD found Resistance at 1.9260 on Friday and now consolidation towards 1.9170 important Support and even lower may take place,before the next upwave towards 1.9260 again and above towards 1.9310.The key Support stands at 1.9140.

Buy GBP at 1.9155,Stop-loss-1.9135,Take profit-1.9255(1.9300)