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Forexpros Daily Analysis - 10/01/2011

Discussion in 'Market Predictions and Reports' started by Forexpros2, Jan 10, 2011.

  1. Forexpros2

    Forexpros2 Recruit

    Oct 12, 2009
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    ForexPros Daily Analysis January 10, 2011

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    Start : Mon, Jan 10, 2011, 10:00 ET
    End : Mon, Jan 10, 2011, 11:00 ET

    Have you ever felt like the forex market has eyes? It can somehow find your stop, just before it changes direction and moves in what would have been your favor. As a result, have you struggled with risk management and where to place a proper stop? Have you placed an order to buy or sell in what seemed like calm markets only to watch volatility spike and price whipsaw you right out of your trade while slipping your stop?

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    Euro Dollar:

    On the daily, the euro has been heading south from its 50% short at 1.33777, towards its target at 1.27715. The euro has hit resistance at the 1.29 level.

    On the 15 min chart, the euro is still in shorts. The 50% of the next traditional short is at 1.29457 which coincides with the daily pivot at 1.29435, together they may provide resistance and hold the market down. The target on the short is at 1.28376.


    On the daily, the pound is in measured moves shorts with the next targets at 1.52892 and 1.52104.
    Over the past week, its been in messy setups, breaking its long and short setups. Best to let increased volume allow the pound to decide what direction it wants to go in.

    Yen ( USD/JPY):

    On the daily, the yen is still in a bullish formation, an extension long from 82.273, with a 50% at 82.984, with a target at 84.029. The 83.6-83.7 has served strong resistance in the past 2 months. The bigger 50% short is above at 84.592.


    Forex Trading analysis written by Diana Rochford for Forexpros.


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    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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