Daily Forex Forecasts 11-feb-2005 09:00GMT www.iforex.org

Daily Forex Forecasts 11-feb-2005 09:00GMT

EUR/USD

Resistance levels:1.2875/1.2910/ 1.2945/1.3000
Support levels: 1.2850/ 1.2815/ 1.2785/1.2740

EUR/USD rose to 1.2905 after the unseccessful attempt to break 1.2740 strong Support.Now the pair is in correction in short term and if the retracement based Support at 1.2850 is broken,further fall towards 1.2825-15 is expected.Then a new upwave towards 1.2945 is expected.The key Support is at 1.2815

Buy EUR at 1.2825,Stop-loss-1.2800,Take profit-1.2940
USD/JPY

Resistance levels: 105.95-106.00/106.70-80/107.00
Support levels: 105.40/ 105.05/104.70/104.50

USD/JPY fell to 105.34 after the strong upmove to 106.84 yesterday.Now further downmove towards 105.05-105.00 is possible in short term.If the Support at 105.00 is broken,we may see further downmove towards 104.50 and 104.10 Only rise above 106.25 can reverse the sentiment. The key Support is at 105.00.

Sell USD at 105.00,Stop-loss-105.25,Take profit-104.50(104.10)
EUR/JPY

Resistance levels: 136.35/ 137.05/138.20
Support levels:135.45/135.15 /134.80

The Cross has risen to 136.32 yesterday.Now the sentiment is neutral for the pair and consolidation towards 135.70 is expected soon.If this immediate Support is broken,the correction may continue towards 135.35 Support.It will hold and new upmove towards 136.30 is expected.The key Support is at 134.80.

Strategy-neutral
GBP/USD

Resistance level: 1.8710/ 1.8737/1.8840
Support levels: 1.8650/ 1.8625/ 1.8605/1.8460

The Poumd rose to 1.8730 yesterday.Now the pair is in consolidation.Pound meets strong Resistance at 1.8710.If it is broken,further upmove towards 1.8780-1.8800 is possible.On the other side,fall below 1.8670 would be signal for deeper correction towards 1.8610.The key Support is at 1.8605.
Sell GBP at current levels,Stop-loss-1.8715,Take profit-1.8605