TODAY`S FOREX MARKET OUTLOOK FROM ACETRADER - EUR/USD

Tuesday, January 06, 2004
Daily report
Trendsetter Financial Markets Ltd.
http://www.acetrader.com



USD/YEN - 106.20

Dollar fell sharply yesterday due to active cross buying in yen and one more fall below
106.00 is envisaged but reckon 105.40/45 would hold from here due to oversold condition,
yield a much-needed correction later this week, above 107.00 would signal a low is possibly
in place.


INTRA-DAY EUR/USD OUTLOOK
(Update at 02:27GMT 2004/01/06)

Euro has continued to trade narrowly below yesterday`s high at 1.2697 and as long as initial
support at 1.2642 holds, outlook remains mildly bullish for re-test of said near term top,
above would extend upmove toward 1.2725/30 before prospect of a retreat..

Hold long, stop below said support, break defers and risks minor correction to 1.2610/15...

Rate: 1.2678
Strategy / Entry Level: Hold long
Position: Long at 1.2660
Objective: 1.2695
Stop-Loss: 1.2640
Range Forecast: 1.2665 / 1.2690
Resistance: 1.2697/1.2725/1.2791
Support: 1.2633/1.2580/1.2563



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