FOREX MARKET OUTLOOK FROM ACETRADER - EUR/USD - Dec 17, 03

Wednesday, December 17, 2003
Daily report
Trendsetter Financial Markets Ltd.
http://www.acetrader.com



USD/YEN - 107.55
Another day of consolidation is seen with initial downside bias, however, as long as support
106.74 holds, mild upside bias is seen for subsequent rebound but above 108.39 is needed to
signal a stronger retracement of early downtrend is under way, bring re-test of 108.75...


INTRA-DAY EUR/USD OUTLOOK
(Update at 02:03GMT 2003/12/17)

As euro has remained sidelined after yesterday`s rise to 1.2363, suggesting further sideways
consolidation would be seen in Asia, however, reckon 1.2300 would contain downside, yield
resumption of upmove later today for re-test of said resistance first.

Buy dips, stop at 1.2290, break risks 1.2270 before up. Exit on rise as 1.2395/00 would hold
from here..


Rate: 1.2320
Strategy / Entry Level: Buy at market
Position:

Objective: 1.2355
Stop-Loss: 1.2290
Range Forecast: 1.2310/1.2330
Resistance: 1.2363/1.2402/1.2448
Support: 1.2283/1.2240/1.2193



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