ForexPros Daily Analysis August 09, 2011
Euro in Short, Pound Still In Range, Yen Near All Time Lows
Euro:
On the daily, the euro continues in shorts, albeit in messy setups. Setups are technically being broken, so its best to trade only larger timeframes to avoid getting chopped up. On the 15 min setup, the traditional short for the day is at 1.42645. The trend will be broken/line in the sand is at 1.42966. target is at 1.4065.
Pound:
On the daily, the pound remains in the same range of the past 3 weeks, between the 50% long at 1.6239 and the top of the range at 1.6476. The range needs to break to determine trend.
Yen:
On the daily, after the intervention spike the yen is slowly making its way back down in short setups towards its all time low at 76.294. Expect resistance at the 76.3 area. Once again, intervention would not be strange if the yen starts hitting new lows, so place your stops.
—
The Forex analysis is written by Diana Rochford for Forexpros the Forex and Stock Markets Portal.
—
Also, Visit our S&P 500 Futures Page!
—
Disclaimer:
Trading Futures and Options on Futures and Cash Forex
transactions involves substantial risk of loss and may not be suitable for
all investors. You should carefully consider whether trading is suitable for
you in light of your circumstances, knowledge, and financial resources. You
may lose all or more of your initial investment. Opinions, market data, and
recommendations are subject to change at any time.