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

Monday, February 02, 2004
Daily report
Trendsetter Financial Markets Ltd.
http://www.acetrader.com



USD/YEN - 105.66
Although dollar`s broad-based weakness Friday has pressured price here, as long as previous
low at 105.45 holds, another day of consolidation with mild upside bias is seen but 106.65
resistance is expected to remain intact.

On the downside, below 105.45 would risk marginal weakness but loss of momentum should
keep the greenback above `psychogical` support at 105.00 and bring rebound.


INTRA-DAY EUR/USD OUTLOOK
(Update at 02:17GMT 2004/02/02)

Although Friday`s strong rebound has kept euro steady to firm and marginal gain above
1.2495 is envisaged, overbought condition is likely to limit upside to 1.2529 and bring
retracement of early rally from 1.2350.

In view of this, buy dips for 1.2500 and if euro rises to 1.2515 first instead, sell for
subsequent retreat to 1.2465 but reckon 1.2430/35 would hold...


Rate: 1.2470
Strategy / Entry Level: 1.Buy @ 1.2460 or 2.Sell @ 1.2515
Position:

Objective: `See text`
Stop-Loss: 30 points
Range Forecast: 1.2460 / 1.2485
Resistance: 1.2495/1.2529/1.2563
Support: 1.2440/1.2410/1.2350



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