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

Tuesday, February 17, 2004
Daily report
Trendsetter Financial Markets Ltd.
http://www.acetrader.com



USD/YEN- 105.48
Another day of sideways consolidation is in store as focus is on other dollar majors and
although mild upside bias is seen for initial recovery, renewed selling should emerge below
106.00 and bring retreat, however, below 105.20 is needed to yield marginal weakness to
105.00...


INTRA-DAY EUR/USD OUTLOOK
(Update at 22:42 GMT 2004/02/17)

Despite yesterday`s recovery, as renewed selling has emerged at 1.2787 (previous support,
now resistance), consolidation with downside bias is envisaged and firm break of 1.2740/44
would signal early corrective fall from 1.2895 has resumed, yield 1.2715 and later 1.2690.

Hold short for 1.2720 1st, stop at 1.2790 and take profit on subsequent decline...


Rate: 1.8830
Strategy / Entry Level: Short at 1.2760
Position: Hold short
Objective: 1.2720
Stop-Loss: 1.2790
Range Forecast: 1.2755 / 1.2780
Resistance: 1.2787/1.2846/1.2895
Support: 1.2744/1.2715/1.2690



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