Daily Forex Forecasts 01-mar-2005 09:00GMT

Daily Forex Forecasts 01-mar-2005 08:30GMT

EUR/USD

Resistance levels:1.3225/ 1.3235-40/ 1.3255
Support levels: 1.3170/ 1.3140/1.3115

EUR/USD has fall as expected towards 1.3170.In short term the Euro meets temporary Support at 1.3170.Slight rise towards 1.3215 and 1.3225 is possible,before the next downwave towards 1.3115 take place.The key Support is at 1.3170.

Sell EUR/USD at 1.3170,Stop-loss-1.3190,Take profit-1.3115.
USD/JPY

Resistance levels: 105.05/ 105.30/105.60
Support levels: 104.30 / 103.80

The pair fell to 104.10 yesterday.At these levels USD/JPY has formed "advanced block" and rose again towards 105.00.USD/JPY is expected to meet strong Resistance at 105.05 and then fall again towards 104.10,even 103.80
may be seen.The key Support stays at 103.80.

Sell USD at 105.05,Stop-loss-105.25,Take profit-104.10(103.80)
EUR/JPY

Resistance levels: 138.90/139.35-40/ 140.00
Support levels: 137.80/ 137.10

The Cross fell below our target at 137.80 as expected.Now slight upmove towards 138.40 Resistance is possible ,before the next downwave towards 137.80 again and even 137.10 take place.The key Support is at 137.80.

Strategy-neutral.
GBP/USD

Resistance level:1.9205/1.9255-60 / 1.9300-9310
Support levels: 1.9160 / 1.9135

The Pound fell beyond the crucial previous Support at 1.9200 Now the sentiment is neutral until the Data from UK be released later today.There is strong Support at 1.9135-30.If it is broken,further downmove towards
1.9050 is expected.On the other side ,rise towards the important Resistance at 1.9255 is likely today.The key Support stands at 1.9130.

Sell GBP at current levels,Stop-loss-1.9200,Take profit-1.9130(1.9080)