ForexPros Daily Analysis December 06, 2010


Euro:

Daily: Euro is reacting to 50% short at 1.3378 (line in sand 1.34749, with target at 1.27715). See if it holds. The only other major resistance level is the full half way back at 1.36192.

Last week, euro bounced off half way back at 1.30742, with target at 1.4838.

15min: Broke series of measured moves long, after reacting to 50% short at 1.337. Extension long at 1.3295.

Daily Pivot: 1.33465

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Pound:

Daily:  Pound is reacting to half way back at 1.57891 (line in sand at 1.58608), after reacting off support at 1.55206.

On 15min:

Has broken its measured moves long after reacting to short at 1.57891. Daily pivot at 1.57139. Extension long at 1.57276. Full half way back at 1.56487.

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Yen (USD/JPY):

Daily: Yen front run its 50% half way back at 82.345 (line in the sand 81.855) with a target at 85.592. Inside larger short at 84.592 with target at 78.227.

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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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