Daily Forex Forecasts 21-feb-2005 09:00GMT www.iforex.org

Daily Forex Forecasts 21-feb-2005 09:00GMT

EUR/USD

Resistance levels: 1.3065/1.3085/.3125
Support levels:1.3012/1.2965/1.2925/1.2855

EUR/USD has formed a top after the unseccessful test of 1.3075 highs..Now the sentiment is neutral and the pair meets Resistance at 1.3060-65 Resistance.Fall below 1.3012 would be sign for further quick downmove towards 1.2960 and even 1.2925.The key Support stands at 1.2975. Today a narrow rangebound is expect because of no US trade.

Sell EUR at 1.3060,Stop-loss-1.3080,Take profit-1.2965
USD/JPY

Resistance levels: 105.95/106.25
Support levels: 105.50/105.35/104.80

USD/JPY repeat unseccessfully the test of break the important levels of 105.75.The pair meets immediate Support at 105.35 and if it is broken,further fall towards 104.80 and 104.25 may be seen in next trading sessions.The key Supports is at 104.80.

Sell USD at current levels,Stop-loss-105.90,Take profit-104.80(104.25)
EUR/JPY

Resistance levels: 138.30/138.65
Support levels: 137.75/137.30

The Cross has risen to 138.30 Resistance and now the sentiment is positive or the pair in short term.Now a new rise towards 138.30 is expected.If the Resistance at 138.30 is broeken,further upmove towards 138.65 and 139.00 may take place.Only fall below 137.75 may turns the bullish scenario and further fall towards 137.30 is possible then.The key Support stands at 137.75

Strategy-neutral.
GBP/USD

Resistance level: 1.8960/1.9030
Support levels: 1.8920/1.8865/1.8825

GBP/USD reached 1.8960 strong Resistance at his 5th upmove wave.A failure of breaking the 1.8960 highs would be sign for further downmove towards the crucial Support at 1.8865 .Now the Resistance stays at 1.18960 and the key Support is at 1.8865

Strategy-neutral.