Daily Forex Forecasts 23-mar-2005 09:00GMT

Daily Forex Forecasts 23-mar-2005 08:30GMT

EUR/USD

Resistance levels: 1.3100/1.3140/1.3205
Support levels: 1.3055/1.3010/1.2950

EUR/USD fell sharply as expected yesteday below 1.3100 and found Support at 1.3055.Our Take profit order was executed at 1.310 so our profit was 120 pips for this currency pair.Now the sentiment remains negative for the pair.Slight correction towards 1.3100 and 1.3140 is possible before the next downwave towards 1.3055 and 1.3010.

Sell EUR at 1.3100,Stop-loss-1.3145,Take profit-1.3010
USD/JPY

Resistance levels:105.60-80/106.00
Support levels:105.00/104.85/104.10/103.80

USD/JPY rise yesteday after FOMC announcement and found Resistance in the 105.60-80 region.The next target stands at 106.00.Strong Support comes at 104.85.We prefer weak JPY in long term towards 103.80.

Strategy-neutral.
EUR/JPY

Resistance levels:138.00-10/138.80-90
Support levels: 137.70/137.00/136.50

The Cross fell as expected and passed our target at 137.90.Price found Support at 137.70.Our profit was 90 pips.Now slight correction is expected towards 138.10 and 138.30 before the next downwave towards 137.50 and
137.00.

Sell EUR at 138.30,Stop-loss-138.50,Take profit-137.50(137.00)
GBP/USD

Resistance level:1.8925/1.8950
Support levels: 1.8800/1.8770/1.8750

GBP/USD fell quickly after FOMC announcement yesterday below 1.8900.Our Take profit was executed at 1.8900 so our profit was 101 pips.Now further fall towards 1.8800 and even 1.8770 may take place after minor
consolidation towards 1.8925 or 1.8950.

Sell GBP at 1.8920,Stop-loss-1.8950,Take profit-1.8800(1.8770)