ForexPros Daily Analysis January 05, 2011


Today: Free webinar on ForexPros - Strategy Rules for Short Term Forex Trading

Expert:  Sam Seiden

Start: Thu, Jan 6, 2011, 10:00 ET
End: Thu, Jan 6, 2011, 11:00 ET

During this session, we will cover a simple set of rules that anyone can use for short and long term trading in the Forex market. After we go over these rules, we will go into the live market and apply them.

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Euro Dollar:

On the daily, the euro reacted to the third test of the 50% short at 1.33777, with a target at 1.27715. On Sunday/Monday the euro front run the half way back long at 1.32379 and this is the next main line of support.

On the 15 minute chart, the euro is on measured moves short. The euro front run the extension short at 1.3334 and has hit its target at 1.32705. Next 50% short is at 1.32934, with a target at 1.32485.

Pound: 

On the daily, the pound is in measured moves short and has reacted off its second test of the short at 1.56273, with a target at 1.52104.

On the 15 minutes chart, pound is in measured moves short. Full half way long from most recent low is at 1.55036.

Yen:

On the daily, the yen bounced off support that ran back to April 1995 just after it hit its all time low. The test will be on the half way back short of the current move at 82.719 (with a target at 80.068) just below the recent low at 80.234.

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Forex Trading Analysis written by Munther Marji for ForexPros. For more information about currency charts visit ForexPros.

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