Forexpros.com Daily Analysis - 08/02/2011

By @ibtimes on

ForexPros Daily Analysis February 08, 2011

Free webinar on ForexPros - Harmonic Patterns 101

Expert: Derek Frey

Start: Thu, Feb 10, 2011, 10:00
End: Thu, Feb 10, 2011, 11:00

Harmonic Patterns are a set of patterns that have been proven to be accurate better than 70% of the time across all markets and timeframes.  Understanding and using these patterns dramatically shifts probability into your favor.  This webinar will be a brief introduction to the patterns and their effectiveness.  Derek will end the session by doing live analysis with his pattern recognition software that all participants of the webinar will have the opportunity to get a free copy of at the end.

Click here to join free

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Euro Dollar: 

On the daily, euro bouncing off next 50% at 1.35489, with a target at 1.40019. The greater 50% short at 1.36242 is acting as resistance.

On the 15 min chart, the euro is still in an extension short setup at 1.36364, with a target at 1.34438. The 50% long at 1.35516 is acting as support. The short is broken at 1.36672.

Pound: 

On the daily, the pound is bouncing off its 50% long at 1.6494, with a target at 1.63855. Previous high at 1.62942 is acting as resistance.

On the 15 min the short at 1.61562 has not broken. It breaks at 1.61847. The pound is currently bouncing off a 50% retracement at 1.61055. Watch for break of either setup to confirm direction.

Yen: 

On the daily, the yen is reacting to its 50% short at 82.388, with a target at 80.473. Yen needs to break 61.8% at 82.694 to confirm long.

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Forex Trading Analysis written by Diana Rochford for ForexPros. For more information about currency charts visit ForexPros.

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