Forexpros.com Daily Analysis - 08/03/2011

By @ibtimes on

ForexPros Daily Analysis March 08, 2011

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Euro Dollar: 

On the daily, the euro is still in a extension long at 1.39627, with a target at 1.40686. The long is broken at 1.3946. The next traditional long is at 1.3889.
On the 15 min chart, the euro is still in daily long setups and is bouncing off its 50% extension long at 1.3962, with a target at 1.407. The longs are broken at 1.39447. The next traditional long is at 1.3935.

Pound: 

On the daily, the pound bounced its traditional long at 1.61858, with a target at 1.64141. The long setup breaks at 1.61858.

On the 15 min chart, the pound bounced off its next 50% long at 1.61857, with a target at 1.64149. The long is broken at 1.6149.

Yen: 

On the daily, the yen is in a range bouncing between a short at 84.093 and an upward trend line connecting the lows. The yen reacted off its next short within the range and reversed at the 61.8% line at 83.047, with a target at 80.998. Setups within a range are unreliable.

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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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