FOREX MARKET OUTLOOK FROM ACETRADER - EUR/USD

Thursday, January 08, 2004
Daily report
Trendsetter Financial Markets Ltd.
http://www.acetrader.com



USD/YEN - 106.20

Further consolidation is envisaged today and although near term downside bias remains for
recent decline to bring marginal weakness, loss of momentum is expected to keep dollar
above 105.40/50, yield much-needed correction towards 107.00 later.


INTRA-DAY EUR/USD OUTLOOK
(Update at 01:55GMT 2004/01/08)

As euro has remained under pressure in Asian morning sesison, suggesting this week`s
corrective fall from 1.2818 remains in progress and weakness to 1.2575/80 is now
envisaged, below would extend toward 1.2550/55 before prospect of rebound later today.

Turn cautious seller on recovery, stop as indicated but only above 1.2660 would confirm low
is made..


Rate: 1.2600
Strategy / Entry Level: Sell at 1.2610
Position:

Objective: 1.2580
Stop-Loss: 1.2635
Range Forecast: 1.2585 / 1.2610
Resistance: 1.2660/1.2705/1.2742
Support: 1.2563/1.2515/1.2477



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