FOREX MARKET OUTLOOK FROM ACETRADER - EUR/USD

Wednesday, January 07, 2004
Daily report
Trendsetter Financial Markets Ltd.
http://www.acetrader.com



USD/YEN - 106.24

Although near term downside bias remains for recent decline to bring marginal weakness,
loss of momentum is expected to prevent steep fall and reckon 105.40/50 would hold, bring
a much-needed correction later towards 107.00.


INTRA-DAY EUR/USD OUTLOOK
(Update at 03:24GMT 2004/01/07)

As 1.2687 has contained early weakness, euro`s rebound from there suggests consolidation
with upside bias would be seen, bring retracement of near term decline toward 1.2737
resistance but a break there is needed to confirm intra-day low is in place..

Hold long with stop below said support, break would risk one more fall to 1.2660/65 before
rebound...


Rate: 1.2712
Strategy / Entry Level: Hold long
Position: Long at 1.2700
Objective: 1.2735
Stop-Loss: 1.2684
Range Forecast: 1.2700 / 1.2725
Resistance: 1.2740/1.2778/1.2813
Support: 1.2687/1.2633/1.2580



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