Daily Forex Forecasts 24-feb-2005 09:00GMT www.iforex.org

Daily Forex Forecasts 24-feb-2005 08:30GMT

EUR/USD

Resistance levels:1.3275/ 1.3295 /1.3310
Support levels:1.3220/ 1.3185-80 /1.3130

EUR/USD fell to 1.3184 before the 5th upwave towards 1.3275 take place.Now the upmove meets Resistance at 1.3255 and 1.3275.Fall below the important Support at 1.3220 would be sign for further downmove towards 1.3185-80,even 1.3150.The key Support stands at 1.3130.

Strategy-neutral
USD/JPY

Resistance levels: 104.85/105.05/105.65
Support levels: 104.30/ 103.80

USD/JPY found Resistance at 105.05 and bounced towards 104.30 and 103.80 In short term the pair is in consolidation. USD/JPY meets Resistance at 104.80-85 and further fall towards 103.80 is expected.The key Support stays at 103.80.

Sell USD at current levels,Stop-loss-104.87,Take profit-103.80

EUR/JPY

Resistance levels: 138.80/ 139.70
Support levels: 138.30/ 137.80 / 137.50

The Cross rose to 138.70,where it found strong Resistance.Now the sentiment is negative for the pair and coreection towards 137.80 and even 137.50 may take place.The reversal point remains at 137.50.

Strategy-neutral.
GBP/USD

Resistance level: 1.9130 / 1.9190
Support levels: 1.9040/1.9000-8990/1.8935/1.8860

The Pound rose to 1.9125,where it found Resistance and now a consolidation towards 1.9040 and 1.8990 may be seen soon.If the key Support at 1.8990 is broken,even deeper dip may take place towards 1.8865-60.There is immediate Supports at 1.9080 and 1.9040.The key Support remains at 1.8990.

Sell USD at 1.9075,Stop-loss-1.9090,Take profit-1.9000(1.8975)