Daily Forex Forecasts 24-mar-2005 09:00GMT

Daily Forex Forecasts 24-mar-2005 08:30GMT

EUR/USD

Resistance levels: 1.3030/1.3080/1.3140/1.3205
Support levels: 1.2990-80/1.2950/1.2930

EUR/USD fell to 1.2959 and formed double bottom at these levels.Now consolidation towards 1.3070 at least may be seen.The pair meets first Support at 1.2980 and stronger one at 1.2950.

Buy EUR at current levels,Stop-loss-1.2990,Take profit-1.3070.
USD/JPY

Resistance levels:106.50/106.80
Support levels: 105.65/105.20/104.85/103.80

USD/JPY broke the previous strong Resistance in the 105.80-106.00 region and rose towards 106.50 during Asian trading session.Now the pair has not enough momentum and correction towards 105.65 may be seen.In Long term we prefer weak JPY towards 103.80.

Strategy-neutral.
EUR/JPY

Resistance levels:138.80-90/139.50
Support levels: 137.90/137.00/136.80

The Cross found strong Support at 137.30 and rose towards 138.85 again.Now the sentiment is positive for the pair and soon 138.80-90 Resistance will be touched.The first Support comes at 137.90.The key Support stands at 137.35.

Strategy-neutral.
GBP/USD

Resistance level:1.8770/1.8880
Support levels: 1.8675-65/1.8600/1.8510

GBP/USD found strong Support at 1.8665 lows.Now the sentiment is neutral for the pair and correction at least towards 1.8770-80 Resistance may be seen in coming sessions.The next target is 1.8880 in long term.

Buy GBP at current levels,Stop-loss-1.8710,Take profit-1.8775(1.8880)