ForexPros Daily Analysis March 10, 2011

Euro Dollar:

On the daily, the euro reversed and is finding support at its previous highs at 1.38588, which coincides with its next traditional long at 1.38722. The euro has reacted off its first short setup at 1.3948 since reversing. The euro has to decide whether this is the start of the next long setup or if its reversing further.


On the daily, the pound is between an extension long at 1.61255, with a target at 1.64463 and a shorter term short at 1.62348, with a target at 1.6074.
The question is whether this is a reversal pattern or the drop into the next long setup to continue the series of longs the pound ha been in since December.


On the daily, the yen is stuck between a short at 84.093 and a rising trend line connecting the lows. The yen is currently reacting to a short at 82.764 within the range, but is pushing up against it.


Forex Trading analysis written by Diana Rochford for Forexpros.


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