Forexpros Daily Analysis - 23/08/2011

ForexPros Daily Analysis August 23, 2011


Euro in Wedge. Pound in Longs. Yen Edging Lower

Euro:

On the daily, the euro is between its short at 1.4388, with a target at 1.4334 and a long at 1.4288, with a target at 1.4629. Looking at the chart, the euro looks like to be in a wedge. Daily pivot is at 1.4368 may hold the euro up.

Pound:

On the daily, the pound has retraced after hitting its long target at 1.6638 from the long at 1.6127. The pound is in a long, using 1.6253 as the anchor point. It has been acting as an anchor point on the way up. The 50% is at 1.6435, with a target at 1.6702. This is best seen on the 15 minute chart.

Yen:

On the daily, after the yen hit a lower all time time at 75.944, it bounced back above its previous support at the previous lows at 76.3. The yen is still very much in a low setup and continues in a short from 80.925, with a target at 74.128.

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The Forex analysis is written by Diana Rochford for Forexpros the Forex, Futures and Stock Markets Portal.

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