ForexPros Daily Analysis February 21, 2011

Euro Dollar:

On the daily, technically in a long setup, confirming the 50% long at 1.3457, with a target at 1.40494.. The 61.8% line of 1.36951 in the next short has been broken, which indicates bullishness. We are pulling back now, which is not strange after a 3 day strong rally.
On the 15 min chart, the next long setups are at 1.36299 and 1.35716. The break of the longs is at 1.35376.


In a bullish setup on the daily, hitting resistance at previous highs at 1.63. The pound has reacted off this resistance line 3 times now.
On the 15 min chart, the next long setups are at 1.62055 and 1.61248. The daily pivot is at 1.62201 which may serve as support. The break of the longs is at 1.60921.


Yen once again confirmed the range and reacted off the 50% short at 84.093. This is the fourth time it reacts. On the bottom of the range, the yen is reacting off a trend line connecting the lows. A wedge is being created and eventually the yen will pop through and decide its next direction.


Forex Trading analysis written by Diana Rochford for Forexpros.


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