ForexPros Daily Analysis May 17, 2011
Euro, Pound Still in Measured Moves Short, Yen Near Lows
Euro:
On the daily, the euro continues in measured moves short, today reacting off its traditional 50% short at 1.42424. This has a target of 1.39481 and will break the traditional long, with a line in the sand at 1.40031.
On the 15 min chart, can see the euro reacted from at a short setup from 1.44224, with the 50% at 1.4235, with a target at 1.39591. Currently the euro is reacting to a long from today’s movement at 1.41451, with the line in the sand at 1.41221. If this is broken then we may see the euro continue its measured moves short.
Pound:
On the daily, the pound remained near its short target at 1.61581. The next traditional short is at 1.63308, with a target of 1.60573, which will bring it close to its 50% long from Dec 20101 at 1.60447.
Yen:
On the daily, the yen is between two 50%s near the bottom of its range. On the longer term the yen is still in a short, however if it breaks the short here (with the line in the sand at 81.551, this may indicate the yen will continue to trade in its range its been in since Sept 2010.
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Forex Trading analysis written by Diana Rochford for Forexpros.
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