Daily Forex Forecasts 03-feb-2005 09:00GMT

Daily Forex Forecasts 03-feb-2005 09:00GMT

EUR/USD

Resistance levels:1.3060/ 1.3090-95/ 1.3140/ 1.3180
Support levels: 1.3005-00/ 1.2972/ 1.2942/ 1.2900

The fall again below 1.3050 is negative signal for the EUR.The sentiment is negative in short term and we expect fall towards 1,3005 soon.Then upmove again towards 1.3050-60 is possible,where it will meet strong Resistance.The key Support is at 1.2972.Fall below 1.2972 would be sign for further downmove towards 1.2942 and even 1.2900.

Strategy-neutral
USD/JPY

Resistance levels:104.50-60/105.00-15
Support levels: 103.90/103.20/102.95/102.15/101.80

USD/JPY has pulled all the way to 104.30 resistance overnight.There is still the risk of slippage somewhat higher still with this break of resistance, but we still prefer the downside further out beyond Friday’s event risks.Only levels above 105.00 would be sign for long term positive bias for the Japanese Yen.There are chances for downmove towards 103.50 today,if the immeadiate Support at 103.90 is broken soon.The key Support is at 102.95
Strategy-neutral.
EUR/JPY

Resistance levels:135.96/136.10/136.55
Support levels:135.00-134.90/134.50/133.80/ 133.20

EUR/JPY headed back higher as support and resistance levels seem to be meaningless here in this nervous, rangebound market.In short term next rise towards 136.00 and even 136.25 is possible.In long term ,however the sentiment is bearish for this pair,so we look to find resistance soon, with a fall back to the 134.00 downside swing level.The key Support is at 133.80.
Sell EUR at 136.00,Stoploss-136.30,Take profit-134.55
GBP/USD

Resistance level:1.8890/1.8920-25/1.8980
Support levels:1.8830/1.8800-1.8790/ 1.8767/ 1.8735

GBP/USD has been rangebound in 1.8820-80 yesterday.In case of a rise above 1.8900, there may be a further rally to 1.90,where some selling may take place.On the other side,GBP/USD may risk another dip to Support below 1.8800, though the final 1.8750 area may yet hold.
Sell GBP at 1.8840,Stop-loss-1.8890,Take profit-1.8788.