ForexPros Daily Analysis December 09, 2010

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Euro and pound leaning on the bullish side, though they need to break their 61.8% lines to confirm trend. Yen in a large range, stuck between two opposing 50%s.

Euro Dollar:

On the daily, between two 50%s. A 50% long at 1.32002 with a target at 1.35481. The line in the sand is at 1.33374. If we break this level the longs are confirmed
Short at 1.33107 with a target at 1.31209 (inside a larger 50% short at 1.33777) acting as resistance.



On daily, bounced off 50% long at 1.5649, and getting close to breaking  61.8% line at 1.58552. Must break this level and previous low at 1.58367 which is acting as resistance to confirm longs.


Yen (USD/JPY):

Between two 50%s, long at 82.345 with target at 84.592. and 50% short at 84.423, with target at 78.227, which would be an all time low. Must break out to confirm trend.


Forex Trading Analysis written by Diana Rochford for ForexPros. For more information about forex news visit ForexPros.


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