FOREX MARKET OUTLOOK FROM ACETRADER - EUR/USD

Friday, January 09, 2004
Daily report
Trendsetter Financial Markets Ltd.
http://www.acetrader.com

USD/YEN - 106.20

Dollar has continued to move sideways and although near term downside bias remains for
marginal weakness, reckon 105.40/50 would hold due to loss of downward momentum, yield
a much-needed correction to 106.90/00 later.


INTRA-DAY EUR/USD OUTLOOK
(Update at 02:30GMT 2004/01/09)

As euro has retreated after making a marginal high at 1.2786, consolidation with initial
downside bias is envisaged but reckon pullback would be limited to 1.2730/35, bring
resumption of upmove later, above said resistance confirms and yields re-test of 1.2813..

Suggest to buy euro on dips, stop as indicated and take some profit on subsequent
rebound...


Rate: 1.2766
Strategy / Entry Level: Buy at 1.2740
Position:

Objective: 1.2780
Stop-Loss: 1.2710
Range Forecast: 1.2755 / 1.2780
Resistance: 1.2786/1.2813/1.2846
Support: 1.2745/1.2707/1.2660



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