ForexPros Daily Analysis May 02, 2011


On the daily, the euro has hit resistance after hitting its 23.6% target at 1.4844 from its multi month long from Jun 2010, with the 50% at 1.30735.
The euro is still technically in a long and is bouncing off its extension long with a 50% at 1.47658. The line in the sand is 1.4739, with a target at 1.49359.
On the 15 min, the extension long is very apparent.


On the daily, the pound has been marching towards its multi month long target at 1.67913, but has hit resistance at previous highs at 1.674. The next traditional long 50% is at 1.65874, which the pound has been front running, with a target at 1.68211.


On the daily, the yen is hitting resistance at the 50% long at 80.939 from the yen's all time long. However the yen has been in a consistent short since April 6th and is currently in a short from a 50% at 82.757 with a target at 80.525.


Forex Trading analysis written by Diana Rochford for Forexpros.


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