Daily Forex Forecasts 15-feb-2005 09:00GMT www.iforex.org

Daily Forex Forecasts 15-feb-2005 09:00GMT


EUR/USD
Resistance levels:1.2990-1.3000/1.3040/1.3060/1.3100
Support levels: 1.2960-50/1.2925/1.2885/1.2825

EUR/USD meets Supports at around 1.2950.Now the sentiment in short term is neutral and the market is waiting the US Data Release later today.We expect no break of the immediate Support at 1.2950 till the Data Release.A rise above 1.3000 would be sign for further rally towards 1.3060 and 1.3100.On the other side,levels below 1.2925 would be sign for negative sentiment in short term and further downmove towards 1.2885 and 1.2825.The key Support is at 1.2925

Strategy-neutral


USD/JPY
Resistance levels: 105.35/ 105.95
Support levels: 104.75-70/ 104.55/ 104.00 /103.50

USD/JPY has risen to the important Resistance at 105.30.Until the US Data Release we expect range trade between 105.30 Resistance and 104.70 Support.A break below 104.70 after the US Data release may be seen and further sharp fall towards 104.00 and even 103.50 may take place. If the pair somehow manages to break higher instead, we would focus on the 105.90 area as key Resistance.

Sell USD at 104.70,Stop-loss-104.90,Take profit-104.00(103.50)


EUR/JPY
Resistance levels: 136.55/ 137.05/138.20
Support levels: 136.05/135.80-75/135.55-45/135.15 /134.80

The Cross made a consolidation towards 125.05 Support and now a new test of 135.55 Resistance is expected soon.If it is broken, we may see further rise towards 137.00.Reversal in bias is possible only if price fall below 135.50 Support.

Strategy-neutral


GBP/USD
Resistance level: 1.8910/1.8930-35
Support levels:1.8830 /1.8785/ 1.8750

GBP/USD met Support at 1.8850.The sentiment is bearish now and fall towards 1.8820-1.8800 is possible.On the other side,levels above important 1.8930 Resistance would lead quickly the Pound towards 1.9000 and then 1.9100.The key Support is at 1.8800.
Sell GBP at 1.8825,Stop-loss-1.8840,Take profit-1.8750(1.8700)