Forexpros Daily Analysis - 05/01/2011


ForexPros Daily Analysis January 05, 2011

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Euro Dollar:

On the daily, the euro reacted to the third test of the 50% short at 1.33777, with a target at 1.27715. On Sunday/Monday the euro front run the half way back long at 1.32379 and this is the next main line of support.

On the 15 minute chart, the euro is on measured moves short. The euro front run the extension short at 1.3334 and has hit its target at 1.32705. Next 50% short is at 1.32934, with a target at 1.32485.


On the daily, the pound is in measured moves short and has reacted off its second test of the short at 1.56273, with a target at 1.52104.

On the 15 minutes chart, pound is in measured moves short. Full half way long from most recent low is at 1.55036.


On the daily, the yen bounced off support that ran back to April 1995 just after it hit its all time low. The test will be on the half way back short of the current move at 82.719 (with a target at 80.068 ) just below the recent low at 80.234.


Forex Trading analysis written by Diana Rochford for Forexpros.


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