FOREX MARKET OUTLOOK FROM ACETRADER - EUR/USD Oct 28, 03

Wednesday, October 29, 2003
Daily report
Trendsetter Financial Markets Ltd.
http://www.acetrader.com



USD/YEN - 108.18
Although recent downtrend remains in progress and marginal weakness is envisaged,
weakening of downward momentum would prevent sharp fall beyond 107.50 and bring a
moderate corrective rebound later but 109.00/05 should remain intact, yield another leg of
decline later this week...



INTRA-DAY EUR/USD OUTLOOK

(Update at 01:48GMT 2003/10/29)

Although euro has rebounded after holding above overnight support at 1.1657, reckon upside
would be limited to 1.1728 and 1.1741 resistance should hold, yield resumption of recent
erratic decline for marginal weakness to 1.1640/45 before prospect of a strong rise later
today..


For short term trade, sell at 1.1710 with stop above said resistance as break would confirm
low formed, 1.1779/82...

Rate: 1.3220
Strategy / Entry Level: Sell at 1.1710

Position:

Objective: 1.1660
Stop-Loss: 1.1743
Range Forecast: 1.1675/1.1705
Resistance: 1.1728/1.1782/1.1858

Support: 1.1657/1.1601/1.1545



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