ForexPros Daily Analysis December 07, 2010
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Fibonacci ratios are a very popular tool among technical traders and price has an uncanny way of respecting Fibonacci ratios.
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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.
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.
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.
On daily, reacting off 50% at 82.345.
Forex Trading Analysis written by Munther Marji for ForexPros. For more information about technical analysis visit ForexPros.
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