Daily Forex Forecasts 04-feb-2005 09:00GMT www.iforex.org

Daily Forex Forecasts 04-feb-2005 09:00GMT

EUR/USD

Resistance levels:1.2980/ 1.3010-15/ 1.3027-30
Support levels: 1.2942/1.2900-2894/1.2870

EUR/USD fell to 1.2942 yseteday.Now the pair is in consolidation.EUR meets Support at 1.2955-42.Now a slight correction towards 1.2980 is expected soon.If the Resistance at 1.2980 is broken,further rise towards 1.3010-15 or 1.3030 is possible.Then new fall towards 1.2900 is expected.The next direction of the market depends on today's US Nonfarm Payroll Data for Januray.We give slightly better than even odds for a stronger than expected numbers1.2942 and even 1.2900.

Sell at 1.2980,Stop-loss-1.320,Take profit-1.2942(1.2900
USD/JPY

Resistance levels:104.68-80/ 105.10
Support levels: 104.12/ 104.00/ 103.80/102.95/101.80

USD/JPY met Resistance at 104.75 yesterday.Now the sentiment is neutral for the pair.There is important Resistance at 104.65 now.Fall again towards 103.80 is possible,before new upwave towards 104.75-80.The key Support is at 103.80
Sell USD at 104.60,Stop-loss-104.78,Take profit-104.00.
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:1.8885/ 1.8920-25/ 1.8994
Support levels: 1.8816/1.8800/ 1.8785

British Pound has found Suport at 1.8770 yesterday.In short term Pound is in consolidation.price meets Support at 1.8785.Rise above 1.8835-40 may lead to further upmove towards 1.8885.On the other side,if the crucial Support at 1.8785 is broken,we may see further downmove towards 1.8740 and even 1.8650
Sell GBP at 1.8770,Stop-loss-1.8820,Take profit-1.8740(1.8650)