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

Daily Forex Forecasts 17-mar-2005 08:30GMT

EUR/USD

Resistance levels:1.3430/ 1.3455/ 1.3485
Support levels:1.3385-80/ 1.3350/ 1.3325

EUR/USD has potential for further rise towards 1.3485 in coming trading sessions.We hope of good Data from Eurozone in couple of hours.In Short term the pair meets Support at 1.3380.Fall below 1.3380 would be sign for
correction towards 1.3350 and even 1.3325 before the next upwave towards 1.3480.

Buy EUR at 1.3395,Stop-loss-1.3378,Take profit-1.3480. )
USD/JPY

Resistance levels:104.45/104.75-85/ 105.25
Support levels: 104.10/103.80/ 103.60 /103.05

USD/JPY rose above 104.45 Resistance and bounced again towards 104.10 and even 103.80.Now the sentiment remains negative for the pair and further downmove beyond key Support at 103.80 is not ruled out.Tha Japanese Yen
meets first Resistance at 104.45 and stronger one in the 104.70-80 area.In long term we prefer
levels below 103.00 towards 102.20.

.
Holding USD Short at 104.40,Stop-loss-104.55,Take profit-103.80(103.10)
EUR/JPY

Resistance levels:139.85-90/140.05/140.60
Support levels: 138.85-75/ 138.55/ 138.35

The Cross rose as expected to 140.00 and bounced back towards 139.50 and lower.Now further downmove towards 139.00 and 138.85 may take place.In long term fall towards 137.90 is not ruled out.The key Support stands at 138.75.

Holding EUR Short at 139.90,Stop-loss-139.85(from 140.10),Take profit-139.00
GBP/USD

Resistance level:1.9280-90/1.9300-20
Support levels:1.9220/1.9200/1.9160/1.9110-00

GBP/USD found Support at 1.9220 overnight and soon new attempt of 1.9280-90 highs is expected,supported by good Retail sales Data from UK .If the Reistance at 1.9290 is broken,further rise towards 1.9320 and 1.9350 may
take place.The pair meets Support at 1.9220 and stronger one at 1.9200.The key Support remains at 1.9100.

Buy GBP at 1.9250,Stop-loss-1.9220,Take profit-1.9320(1.9350)