Forexpros.com Daily Analysis - 10/02/2011

By @ibtimes on

ForexPros Daily Analysis February 10, 2011

Today: 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, the euro bounced off the next 50% at 1.35489, with a target at 1.40019.
The short setup has been broken. Previous lows at 1.343 is acting as resistance.

Pound: 

On the daily, the pound is meeting support and bouncing off 50% 1.60494, with a target at 1.63855, in its next measured move long. The pound may find resistance at previous high at 1.62942.

Yen: 

On the daily, the yen has bounced off the trend line and then off the 50% long at 81.778, with a target at 82.778. The short the yen is in will be broken at 82.694.

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

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