ForexPros Daily Analysis April 21, 2011

The euro, on the daily, has continued in its bullish trend since January. On Monday it bounced off its extension long at 1.41907 and is heading towards its target at 1.46737. The euro has broken its flat top at 1.45188.

On the daily, the pound may be breaking out of its range and is heading towards its long target at 1.65442 from its more recent long at 1.61805 from Monday. The pound however has faced strong resistance at its weekly short at 1.6418 and so needs to be watched carefully.


On the daily chart, the yen is still in a range, albeit a wider range after hitting an all time low at 76.392. Currently finding some support at the 50% at 82.162.


Forex Trading analysis written by Diana Rochford for Forexpros.


New on Forexpros, the Forex Volatility Calculator!


Trading Futures and Options on Futures and Cash Forex
transactions involves substantial risk of loss and may not be suitable for
all investors. You should carefully consider whether trading is suitable for
you in light of your circumstances, knowledge, and financial resources. You
may lose all or more of your initial investment. Opinions, market data, and
recommendations are subject to change at any time.