Forexpros Daily Analysis - 07/02/2011
ForexPros Daily Analysis February 07, 2011
Euro Dollar:
On the daily the euro is in a reversal setup and has bounced off the next 50% long setup at 1.35489, with a target at 1.40019. The reversal setup is best seen on the 15 minute chart.
On the 15 minute chart, the euro is between its next long 50% setup at 1.35516, with a target at 1.40063 and its reversal extension short setup at 1.36547, with a target at 1.34892.
Pound:
On the daily, the pound is in a reversal setup but has bounced off its next long setup at 1.60494, with a target 1.63855. Keep a close eye. To confirm the reversal, the pound will have to move to its next 50% short and then break the long setup.
On the 15 minute chart, you see the conflicting long and short setup. Currently the pound can be seen in a reversal pattern short or bouncing off it next 50% long. The pound will have to break one of the setups to confirm its trajectory.
Yen:
On the daily, the yen is still in a short setup at 82.388, with a target at 80.473. Previous lows at 80.926 and 80.234 may act as support. This is within the greater short at 84.093, with a target at 79.48.
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Forex Trading analysis written by Diana Rochford for Forexpros.
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