ForexPros Daily Analysis August 17, 2011
Euro, Pound in Longs, Hitting Resistance, Yen Hugging Lows
Euro:
On the daily, the euro is in longs but hit resistance at the short setup at 1.43877, with a target at 1.3571. The break in trend/line in the sand is at 1.45186. The euro is in a long at 1.4356, with a target at 1.4532. Looking at the bigger picture the euro is between a long at 1.39058 and a short at 1.4388.
Pound:
On the daily, the pound hit the top of its range at 1.6476. The pound is in along setup from 1.6129, with a target at 1.6642.
Yen:
On the daily, the yen is still hugging all time lows at 76.294. Trading the yen at these levels can be unpredictable and should be done with very solid stops. the Bank of Japan is known for intervening when starts hitting new lows.
—
The Forex analysis is written by Diana Rochford for Forexpros the Forex, Futures and Stock Markets Portal.
—
Also, Visit our Stock 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.