Daily Forex Forecasts 16-feb-2005 09:00GMT www.iforex.org

Daily Forex Forecasts 16-feb-2005 09:00GMT

EUR/USD

Resistance levels: 1.3050/1.3085/1.3110/1.3200
Support levels: 1.2980/1.2965/ 1.2925/ 1.2855

EUR/USD has formed a base at 1.2950-40 yseterday and now is climbing towards 1.3050.We expect range tarde between 1.3050 Resistance and 1.3000 Support before the Greenspan Testimony at 15:00 GMT .Then if immediate Resistance at 1.3050 is broken,we may see sharp rise above 1.3100-10 towards 1.3200.On the other side,fall below 1.2980 and then 1.2925 would weaken the bullish scenario.The key Support is at 1.2925

Sell EUR at 1.2980,Stop-loss-1.3000,Take profit-1.2925(1.2855)
USD/JPY

Resistance levels: 105.35/ 105.95/106.25
Support levels: 105.00/104.70/104.30-25/103.50

USD/JPY found Support at 104.30 and rose quickly towards the strong Resistance at 105.35 on the poor GDP showing from Japan.Now the sentiment is neutral for the pair.Break of 105.35 Resistance will lead the Japanese Yen towards 105.95-106.00.On the other side,break below 104.70 would be sign for further downmove towards 104.00 and 103.50.

Buy USD at 105.40,Stop-loss-105.20,Take profit-105.95(106.25)
EUR/JPY

Resistance levels: 136.90/137.15/137.50
Support levels: 136.40-30/136.00/135.50

The Cross posted new highs overnight after the poor Data from Japan.now the sentiment remains bullish and new upmove towards 137.50 is possible after consolidation to 136.40-30.The key Support is at 136.00

Buy EUR at 136.40,Stop-loss-136.20,Take profit-136.90(137.50)
GBP/USD

Resistance level: 1.8975-80/1.9010/1.9200
Support levels:1.8900/1.8845-30/1.8785/1.8750

The pound found strong Support at 1.8840-30 and rose quickly to 1.8977.Now while the price is above 1.8850 there are chanses for new test of 1.9010 highs.There is immediate Support at 1.8910.if it holds we expect next upmove towards 1.8975 and 1.9000.
Buy GBP at 1.8910,Stop-loss-1.8890,Take profit-1.8975(1.9010)