Forexpros Daily Analysis - 01/02/2011


ForexPros Daily Analysis February 01, 2011

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Euro Dollar:

On the daily, the euro bounced off it next 50% extension long at 1.35966, with a target at 1.38367. The euro, is bouncing between the 50% (1.35794) and 61.8% (1.37497) of the larger short, with a target at 1.25409. Do not rule out the greater short until the euro clearly clears the 61.8%.


On the daily, the pound continues in measured moves long and is currently in the 50% long from 1.57328 with a target at 1.62138. The previous high of 1.60596 is acting as resistance.


On the daily, the yen seemed to confirm its short today by clearing the 61.8% of the long at 81.971. The yen has yet to close below the 61.8% line that has been acting as support. The larger short is at 84.592, with a target at 78.227, a new all time low. The low at 80.914 and 80.268 may act as resistance.


Forex Trading analysis written by Diana Rochford for Forexpros.


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