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Forexpros Daily Analysis - 07/12/2010

Discussion in 'Forex Daily News & Outlook' started by forexpros2, Dec 7, 2010.

  1. forexpros2

    forexpros2 Member

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    ForexPros Daily Analysis December 07, 2010


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    Euro and Pound Longs are still holding but half way back shorts acting as resistance. Best to let market confirm which direction it wants to go.

    Euro:

    On daily, 50% short at 1.33777 acting as resistance.

    On 15 min, currently bouncing off long at 1.32479, with target at 1.35276, as a continuation of measured moves long of the past week. Short at 1.33419, acting as resistance, though we are above daily pivot of 1.33229, which may hold market up.

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    Pound: Between short of 57891 and long of 1.5649.

    On 15 min, bouncing off 50% at 1.56487. Needs to break 1.58536 to confirm long. Daily Pivot at 1.57139.

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    Yen:

    On daily, reacting off 50% at 82.345.

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    Forex Trading analysis written by Diana Rochford for Forexpros.

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