ForexPros Daily Analysis February 02, 2011
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On the daily, the euro hit its target of 1.38367 from its extension long of 1.35966.
The euro clearly breached its 61.8% of the euro setup.
On the 15 minute chart, you can clearly see the euro hitting its target. Can expect some pullback, but best to remain with the trend until it clearly breaks. Cannot ascertain next measured move since euro has yet to pullback.
On the daily, the pound clearly broke it previous highs of 1.60596, and is moving towards its target of 1.62138 from its 50% at 1.52622.
Previous high of 1.63034 may act as resistance.
On 15 min chart (actually I cheated and I used the 1 hour chart to be able to show it on the chart), can see pound heading towards target at 1.62124. R1 at 1.61988 may act as resistance. Pound has yet to pullback and so next measured move cannot be drawn.
On the daily, the yen confirmed its short from the 50% at 84.592, with a target at 78.227, which would be an all-time low. The yen clearly broke its long and 61.8% at 81.971.
April 1995 support levels hit again at the beginning of 2011 at 80.914 may act as support, as well as the previous low at 80.2 hit in November 2010. All time low is at 79.7 reached April 1995.
Forex Trading Analysis written by Diana Rochford for ForexPros. For more information about forex news visit ForexPros.
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