ForexPros Daily Analysis December 07, 2010

Free webinar on ForexPros - Using Fibonacci ratios to manage your trades efficiently

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Start: Mon, Dec 20, 2010, 10:00 ET
End: Mon, Dec 20, 2010, 11:00 ET

Fibonacci ratios are a very popular tool among technical traders and price has an uncanny way of respecting Fibonacci ratios.
There are different kinds of Fibonacci ratios like, retracements, expansions, projections, fans etc, and each of them have a different characteristic and a different use.

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Euro and Pound Longs are still holding but half way back shorts acting as resistance. Best to let market confirm which direction it wants to go.

Euro:

On daily, 50% short at 1.33777 acting as resistance.

On 15 min, currently bouncing off long at 1.32479, with target at 1.35276, as a continuation of measured moves long of the past week. Short at 1.33419, acting as resistance, though we are above daily pivot of 1.33229, which may hold market up.

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Pound: Between short of 57891 and long of 1.5649.

On 15 min, bouncing off 50% at 1.56487. Needs to break 1.58536 to confirm long. Daily Pivot at 1.57139.

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Yen:

On daily, reacting off 50% at 82.345.

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Forex Trading Analysis written by Munther Marji for ForexPros. For more information about technical analysis visit ForexPros.

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