ForexPros Daily Analysis January 12, 2011
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On the daily, the euro bounced off a support line from April 2009. The euro is between a long at 1.30742, with a target at 1.4838 and a 50% short at 1.33777, with a target 1.27715.
The euro has moved towards it short target but has found resistance at 1.287-1.292 which has acted as support and resistance many times in the past 2 years.
On the daily, on the larger timeframe still in a short from 1.56273, with a target of 1.52104. The pound is testing the setup for the third time.
In the short term, the pound is in long setups and in the past week has bounced off its 50% long for the week at 1.55222, with a target at 1.56938, which coincides with the 61.8% line of the short the pound is currently in.
On the daily in a traditional long at 82.649, with a target of 84.187, inside a greater short at 84.592 with a target at 78.227.
Forex Trading Analysis written by Diana Rochford for ForexPros. For more information about technical analysis visit ForexPros.
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