Daily Forex Forecasts 02-mar-2005 09:00GMT

Daily Forex Forecasts 02-mar-2005 08:30GMT

EUR/USD

Resistance levels:1.3225/ 1.3235-40/ 1.3255
Support levels: 1.3140/1.3115/1.3090-70

EUR/USD fell towards 1.3150-40 Support overnight.Now the sentiment remains neutral till Q4 GDP Eurozone Data release and then Greenspan testmony at 15:00 GMT. Break of 13140 Support is possible with first target 1.3115010 and next one in 1.3090-70 region.To the upside, a move back above 1.3225 neutralizes the situation, and a break above the 1.3270/80 highs puts us safely back on the bullish track.The key Support is at 1.3140.

Holding EUR Short at 1.3170,Stop-loss-1.3190,Take profit-1.3115(1.3080)
USD/JPY

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

USD/JPY remains below crucial Resistance at 104.80-105.00. A break back above 104.80-105.00 puts the pair back in the larger 104-106 range with first target 105.60 Only fall below 104.00 would be sign for further fall towards 102.30 in long term.The key Support stays at 103.80

Strategy-neutral.
EUR/JPY

Resistance levels: 138.15/138.50 /138.90/139.35-40
Support levels: 137.50/ 137.10

The Cross continues its move in narrow range between 137.50 and 138.15.The sentiment remains bearish and upmove again towards 138.20 may be seen before the next downwave towards 137.50 and lower towards 137.10 take
place.The key Support stands at 137.50

Sell EUR at 138.25,Stop-loss-138.45,Take profit-137.50(137.10)
GBP/USD

Resistance level:1.9225/1.9255-60 / 1.9300-9310
Support levels: 1.9160 / 1.9135 / 1.9050

USD/GBP is testing the 1.9160 important Support.If it is broken,further fall towards the more significant Support at 1.9130 may take place,and even towards 1.9050.On the other side,in short term only rise above 1.9255
Resistance may focus the pair higher towards 1.9300 and above.The key Support stands at 1.9130.

Holding GBP Short at 1.9170,Stop-loss-1.9190,Take profit-1.9130(1.9080)