Daily Forex Forecasts 07-feb-2005 09:00GMT www.iforex.org

Daily Forex Forecasts 07-feb-2005 09:00GMT

EUR/USD

Resistance levels:1.2873/ 1.2900/ 1.2935/1.2980
Support levels: 1.2825/1.2785/1.2740

EUR/USD has risen to the expected levels at 1.3045 on Friday.Then started downmove towards 1.2800.The wave will formed end at 1.2824.While the price is above 1.2824,a correction towards 1.2873 and 1.2900-05 is expected.The strong Resistance at 1.2935 will hold and new downmove towards 1,2790 may be seen.The key Support is at 1.2740.

Buy EUR at 1,2830,Stop-loss-1.2815,Take profit-1.2900
USD/JPY

Resistance levels:104.68/ 105.10
Support levels: 104.12/ 104.00/ 103.75

The Japanese Yen has fallen as expected to 103.47 on Friday.The Support at 103.65 held and USD/JPY started upmove towards 104.65.Now the sentiment is positive for the pair and rise to 104.65 at least is expected.If the Resistance at 104.68 is broken,we may see further upmove towards 105.00-105.10.The key Support is at 103.65.
Strategy-neutral.
EUR/JPY

Resistance levels:134.10/ 134.35/ 134.60
Support levels: 133.70/133.60/132.75

The Cross has broken the important Support at 134.60 and fell to 133.71 on Friday.Now the sentiment is neutral for the pair and rise towards 134.10 and 134.35 is expected soon.The Cross will meet Support at 133.85 and 133.70.The strong Resistance at 134.60 is expected to hold and new downmove towards 133.85 may take place later today.
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Strategy-neutral
GBP/USD

Resistance level:1.8760/ 1.8790/ 1.8838
Support levels: 1.8708-00/ 1.8670

The British Pound has falen to 1.8708 on Friday,after breaking the crucial Support at 1.8790.In Short term the Pound is in consolidation and while the price is above 1.8708,there are chances of a slight upmove towards 1.8760 ,even 1.8790.Then the downmove towards 1.8670 would be renewd.The key Support is at 1.8670
Strategy-neutral