Daily Forex Forecasts 18-feb-2005 09:00GMT www.iforex.org

Daily Forex Forecasts 18-feb-2005 09:00GMT

EUR/USD

Resistance levels: 1.3090/ 1.3125
Support levels: 1.3050/1.3015/ 1.2965 /1.2925

EUR/USD rose to 1.3090 overnight.Now a correction towards 1.3032 and then 1.3015 may be seen,If the important Support at 1.3050 is broken.Tyhen the upmove would be renewed again towards 1.3125 and 1.3300. Rangebound trade is expected today till the US Data at 13:30 GMT and 14.45 GMT.The key Resistance stays at 1.3090.

Buy at 1.3015,Stop-loss-1.2995,Take profit-1.3090(1.3125)
USD/JPY

Resistance levels: 105.50/105.95/106.25
Support levels: 105.10-00/104.80-70/104.30

USD/JPY made a new unsuccessful test of 105.90 highs yesterday.Now the sentiment is bearish for the pair and if the important Support at 105.00 is broken, we may see further fall towards 104.30-20 soon.The Japanese Yen meets strong Resistance at 105.50 now

Sell USD at 105.00,Stop-loss-105.20,Take profit-104.30
EUR/JPY

Resistance levels: 137.65/ 138.35
Support levels: 137.20/136.85 /136.60-50

The Cross rose to 138.00 overnight over the weak Data from Japan.Now a correction towards 137.20 and then 1036.70-60 may take place.There is immediate Resistance at 135.65.The reversal points at 136.70-60 is expected to hold and new upmove again towards 138.00 may take place in coming sessions.The key Support stands at 136.70

Sell EUR at current levels,Stop-loss-137.80(as soon as price falls below 137.20 move Stop-loss at 137.40),Take profit-136.70
GBP/USD

Resistance level: 1.8960/1.9030
Support levels:1.8920/ 1.8865/ 1.8830

GBP rose to 1.8960 Resistance.Now a new test of 1.8960 highs may be seen.IF the crucial Resistance is broken,further rise towards 1.9030 and 1.9100 may take place.IF however the at 1.1960 Resistance holds,correction towards 1.8865 may be seen,with first Support area at 1.8915-10.The key Support is at 1.8865

Sell GBP at 1.8940,Stop-loss-1.8960,Take profit-1.8865