Forexpros Daily Analysis - 10/01/2011
ForexPros Daily Analysis January 10, 2011
Euro Dollar:
On the daily, the euro has been heading south from its 50% short at 1.33777, towards its target at 1.27715. The euro has hit resistance at the 1.29 level.
On the 15 min chart, the euro is still in shorts. The 50% of the next traditional short is at 1.29457 which coincides with the daily pivot at 1.29435, together they may provide resistance and hold the market down. The target on the short is at 1.28376.
Pound:
On the daily, the pound is in measured moves shorts with the next targets at 1.52892 and 1.52104.
Over the past week, its been in messy setups, breaking its long and short setups. Best to let increased volume allow the pound to decide what direction it wants to go in.
Yen ( USD/JPY):
On the daily, the yen is still in a bullish formation, an extension long from 82.273, with a 50% at 82.984, with a target at 84.029. The 83.6-83.7 has served strong resistance in the past 2 months. The bigger 50% short is above at 84.592.
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Forex Trading analysis written by Diana Rochford for Forexpros.
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