Daily Forex Forecasts 08-mar-2005 09:00GMT

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

EUR/USD

Resistance levels:1.3250-55/ 1.3285/ 1.3305
Support levels:1.3215/1.3190-80/ 1.3125

EUR/USD continues the rally towards 1.3255.If the crucial Resistance at 1.3255 is broken,we may see direct rise to 1.3305.If however it holds,fall again towards 1.3280-75 and even lower towards 1.3160 is possible.The pair meets first Support at 1.3215 and crucial one at 1.3180..

Holding EUR Long at 1.3180,Stop-loss-1.3210,Take profit-1.3250(1.3300)
USD/JPY

Resistance levels: 105.15/105.60/105.95
Support levels: 104.60/104.35/104.10

Again, the range here is between 105.60 and 104.60.The pair meets strong Support at 104.60.The impossibility to fall towards the bottom of the channel and eventual break of crucial Resistance at 105.15 may take price
towards 105.60 again and even higher towards 106.00.The key Support stays at 104.60..

Strategy-neutral.
EUR/JPY

Resistance levels:139.00/139.40
Support levels: 138.55/138.00/ 137.35

The Cross fell again below 139.00 important levels and reached 138.70 overnight,where the pair found temporary Support.Now new test of 139.40 highs is expected ,if the important Resistance at 139.00 is broeken.Then
fall back towards 135.30 in Long term may start.Break of the key Support at 138.55 would be a conformition for that scenario..

Sell EUR at 139.40,Stop-loss-139.60,Take profit-138.60(138.00)
GBP/USD

Resistance level:1.9180-85/ 1.9215/ 1.9260-65
Support levels:1.9130/ 1.9080/ 1.9060

The sentiment is positive for the pair.Still, 1.9180-85 Resistance must be retaken to the upside to help aid the bullish view toward 1.9250 again and beyond.GBP/USD meets next Resistance at 1.9215.If the crucial Resistance at 1.9185 holds today,fall towards 1.9060 is not ruled out.We ,however prefer the bullish scenario.The important Support at 1.9130 is expected to hold for the day.

Buy GBP at 1.9190,Stop-loss-1.9170,Take profit-1.9250