FOREX COMMENTARY 21.02.2005

EUR/USD - Eur should stay in range 1,3015 - 1,3090 or 1,2975 - 1,3115 during london session. Good PPI number and pressure for Jpy currency appreciation should help USD later this week. We expect 1,2975 will be break and we could see 1,2800 maybe lower. We wait for clear signal.

USD/JPY - Strong resistance at 105,80 and next 106,25. We need to break those to open the way to rises towards 106,80/107,00 again. Supports starts from 105,15 and 104,80. Looking to buy on dip to 105 or sell if we dont break 106,25 with 105,15 tp.

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