Forexpros Daily Analysis - 08/02/2011
ForexPros Daily Analysis February 08, 2011
Euro Dollar:
On the daily, euro bouncing off next 50% at 1.35489, with a target at 1.40019. The greater 50% short at 1.36242 is acting as resistance.
On the 15 min chart, the euro is still in an extension short setup at 1.36364, with a target at 1.34438. The 50% long at 1.35516 is acting as support. The short is broken at 1.36672.
Pound:
On the daily, the pound is bouncing off its 50% long at 1.6494, with a target at 1.63855. Previous high at 1.62942 is acting as resistance.
On the 15 min the short at 1.61562 has not broken. It breaks at 1.61847. The pound is currently bouncing off a 50% retracement at 1.61055. Watch for break of either setup to confirm direction.
Yen:
On the daily, the yen is reacting to its 50% short at 82.388, with a target at 80.473. Yen needs to break 61.8% at 82.694 to confirm long.
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Forex Trading analysis written by Diana Rochford for Forexpros.
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