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

Thursday, February 12, 2004
Daily report
Trendsetter Financial Markets Ltd.
http://www.acetrader.com



USD/YEN- 105.35

Despite yesterday`s resumption of recent decline, lack of downside follow through selling
suggests initial consolidation would be seen today but resistance at 105.97 should limit upside
and yield marginal weakness, however, 104.50/60 would hold from here and bring a much-
needed correction tomorrow.


INTRA-DAY EUR/USD OUTLOOK
(Update at 22:04 GMT 2004/02/11)

Although euro has retreated after overnight rally to1.2838 and minor consolidation is
envisaged in Asia,as long as 1.2790 (previous resistance) holds, intra-day upside bias
remains for one more rise to indicated objective later today.

Hold long with stop below there, break would risk retracement to 1.2750/55 before up.


Rate: 1.2833
Strategy / Entry Level: Hold long
Position: Long at 1.2815
Objective: 1.2845
Stop-Loss: 1.2800
Range Forecast: 1.2820 / 1.2838
Resistance: 1.2838/1.2868/1.2899
Support: 1.2790/1.2765/1.2712



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