ForexPros Daily Analysis March 02, 2011

Euro Dollar:

On the daily, the euro is between a previous high of 1.38584 and a long of 50% at 1.37073.

On the 15 min chart, the euro has broken the next long setup. The next setup from the same starting point is a long at 1.37264. The next traditional long is at 1.36908. The longs are broken at 1.3672.


On the daily, the pound is still in a long setup, bouncing off the 50% percent long at 1.60132, with a target at 1.64.

On the 15 min chart, the pound hit its 23.6% target, even though the long setup was broken. The next long setup is at 1.61794, with a target at 1.63984. Longs are broken at 1.595.


On the daily, the yen continues in its wedge formation, between its 50% short at 84.093 and a trend line that has been created from the low of 80.234 and subsequent lows.


Forex Trading analysis written by Diana Rochford for Forexpros.


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