Daily Forex Forecasts 03-mar-2005 09:00GMT

Daily Forex Forecasts 03-mar-2005 08:30GMT

EUR/USD

Resistance levels:1.3150/1.3225/ 1.3235-40/ 1.3255
Support levels:1.3090-70/1.3030/1.3000

EUR/USD is still between the key Support area at 1.3090-70 and the important Resistance at 1.3150.The sentiment is still negative for the pair and a new test of yesterday's lows and lower may be seen soon.If the
crucial Support at 1.3080 is broken,further fall towards 1,3030 and 1.3000 may be seen.The upside may not pick-up until after the US employment data release on Friday. The first indication of a reversal back higher comes with a retaking of the 1.3150 level.

Sell EUR at 1.3070,Stop-loss-1.3090,Take profit-1.3030(1.3000)
USD/JPY

Resistance levels: 105.05/ 105.30/105.60
Support levels: 104.60/104.10/ 103.80

USD/JPY remains in the 105.60 - 104.60 range .Price will keep this range probably till US Data Release tomorrow. A break of either of these levels could see some follow through.If the 104.60 Support is broken,furter fall
towards 104.00 and 103.80 is expected.

Sell USD at 104.55,Stop-loss-104.85,Take profit-104.00(103.80)
EUR/JPY

Resistance levels:138.00/138.25/ 138.40
Support levels: 137.50/137.35/ 137.10

The Cross rose has finished 1th corrective wave at 137.35.Now rise towaerds 138.25 and 138.50 may take place.The crucial Resistance at 138.35-50 is expected to hold and new downmove may start again towards 137.35.The key
Support stands at 137.35.

Strategy-neutral.
GBP/USD

Resistance level:1.9145/1.9175/1.9225/1.9255-60
Support levels:1.9060 / 1.9005 / 1.8980

The Pound fell to 1.9075 yesterday.The technical picture is negative for the pair.GBP/USD meets strong Support at 1.9140-45.Fall towards 1.9060 is expected in short term.Only rise above 1.9170 may turn back the bullish
sentiment for the pair.The key Support stands at 1.9080.

Holding GBP Short at 1.9140,Stop-loss-1.9140,Take profit-1.9080(1.9060)