Daily Forex Forecasts 11-mar-2005 09:00GMT

Daily Forex Forecasts 11-mar-2005 08:30GMT

EUR/USD

Resistance levels:1.3450/1.3475/ 1.3490/ 1.3515
Support levels:1.3400/ 1.3375/ 1.3330

EUR/USD found Support at 1.3395 and now trading in narrow range between 1.3400 Support and 1.3450 immediate Resistance is expected till US Data Release later today.We saw very quiet Asian session overnight.The pair may
still have a chance of a top in the coming session of 1,3475-80 or maybe even 1.3550 before initiating a sizeable correction sequence back toward 1.3330.The key Support stands at 1.3370.

Buy EUR at current levels,Stop-loss-1.3395,Take profit-1.3475(1.3515)
USD/JPY

Resistance levels: 104.45/ 104.90/ 105.30
Support levels: 103.80/ 103.60 /103.05/102.85/102.20

USD/JPY is still trading between 104.25 key level and 103.80 crucial Support.The sentiment remains negative for the pair.We hope the key Support at 103.80-60 region to be broken soon and fall towards 103.10-00 and 102.85 to start.The pair meets first Resistance at 104.45 and stronger one in the 104.70-90 area.
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Holding USD Short at 104.25,Stop-loss-104.45,Take profit-103.65(103.10)
EUR/JPY

Resistance levels:139.90 / 140.20
Support levels: 139.50/139.20/ 138.75

The Cross continues it move between 139.50 important Support and 139.90 key Resistance as expected.Now new test of 139.90 highs is not ruled out.We may see even levels above 140.00 towards 140.20 and 141.00 in comming
sessions.The pair meets immediate Support at 139.50 and stronger one at 139.20..

Buy EUR at 139.50,Stop-loss-139.30,Take profit-139.90(140.20)
GBP/USD

Resistance level:1.9260 /1.9315-20/1.9380
Support levels:1.9200/1.9180/1.9140/1.9060

GBP/USD found temporary Support at 1.9200.Now further fall towards 1.9140 and even 1.9100 is not ruled out if the immediate Suport at 1.9200 is broken.The pair meets first Resistance at 1.9260 and stronger one at 1.9320

Strategy-neutral.