ForexPros Daily Analysis May 02, 2011


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

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Euro: 

On the daily, the euro has hit resistance after hitting its 23.6% target at 1.4844 from its multi month long from Jun 2010, with the 50% at 1.30735.
The euro is still technically in a long and is bouncing off its extension long with a 50% at 1.47658. The line in the sand is 1.4739, with a target at 1.49359.
On the 15 min, the extension long is very apparent.

Pound: 

On the daily, the pound has been marching towards its multi month long target at 1.67913, but has hit resistance at previous highs at 1.674. The next traditional long 50% is at 1.65874, which the pound has been front running, with a target at 1.68211.

USD/JPY: 

On the daily, the yen is hitting resistance at the 50% long at 80.939 from the yen's all time long. However the yen has been in a consistent short since April 6th and is currently in a short from a 50% at 82.757 with a target at 80.525.

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Forex Trading Analysis written by Diana Rochford for ForexPros. For more information about forex news visit ForexPros.

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