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Forexpros Daily Analysis - 17/05/2011

Discussion in 'Forex Daily News & Outlook' started by forexpros2, May 17, 2011.

  1. forexpros2

    forexpros2 Member

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    ForexPros Daily Analysis May 17, 2011


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    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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    New on Forexpros, the Currency Correlation Calculator !

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    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.
     
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