Daily Forex Forecasts 14-feb-2005 www.iforex.org

Daily Forex Forecasts 14-feb-2005 09:00GMT

EUR/USD

Resistance levels:1.2975/ 1.3085
Support levels: 1.2925/ 1.2885/ 1.2855/1.2825/1.2740

EUR/USD has risen as expected to 1.2954.Now the sentiment is positive in short term for the pair.EUR/USD is expected to meet Support at 1.2927-25 and rise towards 1.2975 is expected soon.We expect the Strong Resistance at 1.2975 to hold and new downmove towards 1.2855 to start.The key Support is at 1.2825.

Sell EUR at 1.2965,Stop-loss-1.2985,Take profit-1.2855.
USD/JPY

Resistance levels: 105.05/105.35/ 105.95
Support levels: 104.55/ 104.00

The Japanese Yen fell as ecpected below the Support at 105.05 and has formed new target-104.10 In short term USD/JPY will meet temporary Support at 104.55,but the Resistance at 105.05 is strong and fall towards 104.10-104.00 may be seen later today.The key Support is at 104.00..

Sell USD at current levels,Stop-loss-105.05,Take profit-104.10
EUR/JPY

Resistance levels: 136.17/136.55/ 137.05/138.20
Support levels:135.55-45/135.15 /134.80

The Cross showed its first signals of weakness overnight.The strong Suportat 135.50 held and now next test of 136.17-25 Resistance may take place before the downside wins out.Only a fall below 134.80 would be sign for
reverse in sentiment and further fall below 134.00.The key Support is at 134.80.

Strategy-neutral
GBP/USD

Resistance level: 1.8790/1.8865
Support levels: 1.8735/ 1.8700/1.8650/ 1.8625

The Pound rise umpuslively to 1.8791 after the fall towards 1.8624 on Friday.Now the sentiment is neutral for the pair and correction towards 1.8736 and 1.8700.Then new upmove towards 1.8865 may be seen.The key Support is at 1.8700.
Buy GBP at 1.8700,Stop-loss-1.8680,Take profit-1.8865.