ForexPros Daily Analysis December 09, 2010


Euro and pound leaning on the bullish side, though they need to break their 61.8% lines to confirm trend. Yen in a large range, stuck between two opposing 50%s.

Euro Dollar:

On the daily, between two 50%s. A 50% long at 1.32002 with a target at 1.35481. The line in the sand is at 1.33374. If we break this level the longs are confirmed
Short at 1.33107 with a target at 1.31209 (inside a larger 50% short at 1.33777) acting as resistance.

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Pound:

On daily, bounced off 50% long at 1.5649, and getting close to breaking 61.8% line at 1.58552. Must break this level and previous low at 1.58367 which is acting as resistance to confirm longs.

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Yen (USD/JPY):

Between two 50%s, long at 82.345 with target at 84.592. and 50% short at 84.423, with target at 78.227, which would be an all time low. Must break out to confirm trend.

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Forex Trading analysis written by Diana Rochford for Forexpros.

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