1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Forexpros Daily Analysis - 10/08/2011

Discussion in 'Forex Daily News & Outlook' started by forexpros2, Aug 10, 2011.

  1. forexpros2

    forexpros2 Member

    Joined:
    Oct 20, 2009
    Messages:
    334
    Likes Received:
    0
    ForexPros Daily Analysis August 10, 2011


    Free webinar on ForexPros - Live Price Action Trading

    Expert: Raul Lopez

    Start: Mon, Aug 15, 2011, 09:00 EST
    End: Mon, Aug 15, 2011, 10:00 EST

    In this webinar Raul Lopez, expert analyst from Straight Forex, will analyze the market and look for trade opportunities based on a price action approach.


    Click here to join free

    ---

    Euro In Wedge, Pound Broke Range, Yen Near Lows

    Euro:

    On the daily, the euro broke its short setups. The euro has now broken its short and it long setups on the daily. The euro is in a wedge. It has butted up against the short from the high in May to the lows in July. On the 15 min chart, the euro is in longs, but they are messy. The fed announcement led to increased volatility and the short term chart setups are dirty. Best to let the trend clear itself up.

    Pound:

    On the daily, the pound broke its range and its long setup at 1.61831. However the pound snapped back into the range. To confirm the trend break, the pound will have to decidedly break its 61.8% line (1.6183). In the past 3 weeks, the pound has been in a range between 1.6475 and its 50% long at 1.624.

    Yen:

    On the daily, the yen is closer to all time lows at 76.294. Resistance should be expected at this point. Take precautionary steps against possible intervention if the yen breaks lows.

    ---

    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.
     
Loading...

Share This Page