ForexPros Daily Analysis December 14, 2010
Fed day. Be very aware.
We are at key levels, let the volatility of the Fed allow the markets to decide what direction they want to go. Looking long but I hate to say before we break key levels. The S&P500 has broken the line in the sand for the bearish market, so in theory we can call a bull market. I just don’t trust Fed days.
Euro Dollar( EUR/USD ):
Hit resistance of previous highs at 1.34365. Holding at top of range.
On 15 min, currently holding extension long, with 50% at 1.33776, target at 1.34586.
Pound (GBP/USD):
On the daily, the pound hit its 50% short at 1.58919. Previous high at 1.58383, which was acting as resistance, now acting as support. Holding long setups and gradually inching higher.
On 15 min chart, holding extension long at 1.5832, with target at 1.5927
Yen (USD/JPY):
Still in a range. Bouncing between 50% long at 82.345 and larger 50% short at 84.592.
Half way back between the range at 83.319 acting as resistance.
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Forex Trading analysis written by Diana Rochford for Forexpros.
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