Forexpros Daily Analysis - 23/05/2011


ForexPros Daily Analysis May 23, 2011

Free webinar on ForexPros - Sharpening Your Edge Series: Pivot Points

Expert: Andrei Knight

Start: Wed, May 25, 2011, 08:00 PST
End: Wed, May 25, 2011, 09:00

Discover one of the best-kept secrets of bank traders. And since they are the ones who move the markets, once you know the likely places for their pending orders, you also know the most likely levels for reversals. Join leading fund manager and trading coach Andrei Knight for this exciting instructional webinar which will transform the way you look at charts and help you achieve better trading results.

Click here to join free



On the daily, the euro is in measured moves short from its 50% at 1.43167, with a target at 1.39146, with coincides with the next full traditional 50% long at 1.39058. Some resistance may be expected at its former low at 1.40436.


On the daily, the pound remains in a range, between a 50% short at 1.6311 and a low at 1.61056. The short has a target at 1.60086. The next 50% traditional long is at 1.60446.


On the daily, the yen is still in its range and is heading towards it half way back at 82.537 where it may meet some resistance, though Fibonacci's within a range are not as reliable.


Forex Trading analysis written by Diana Rochford for Forexpros.


New on Forexpros, the Currency Correlation Calculator!


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.