FOREX MARKET OUTLOOK FROM ACETRADER - EUR/USD

Thursday, December 18, 2003
Daily report
Trendsetter Financial Markets Ltd.
http://www.acetrader.com



USD/YEN - 107.40

Although recent erratic decline from 108.75 is likely to extend marginal weakness, as
temporary low has been formed earlier at 106.74, further steep fall is not envisaged and said
support should hold, yield rebound later but above 108.39 is needed to signal stronger
retracement of medium term downtrend has occured...


INTRA-DAY EUR/USD OUTLOOK
(Update at 02:27GMT 2003/12/18)

As euro has traded narrowly after yesterday`s rise to 1.2423, suggesting further
consolidation is seen in Asia but 1.2363 should contain pullback, yield resumption of upmove
towards 1.2445/50, however, loss of momentum would cap price at 1.2475/80, yield retreat.

Buy dips, stop 1.2350, break would confirm temporary top has been formed, risk correction
to 1.2320/25..


Rate: 1.2400
Strategy / Entry Level: Buy at 1.2380
Position:

Objective: 1.2420
Stop-Loss: 1.2350
Range Forecast: 1.2385 / 1.2415
Resistance: 1.2448/1.2476/1.2500
Support: 1.2363/1.2348/1.2296



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