ForexPros Daily Analysis January 13, 2011
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On the daily, the euro surged today and hit some resistance at the 50% traditional short at 1.31478, with a target at 1.27343. We will see if it acts as significant resistance and the euro continues in its short daily trend.
On the daily, the pound broke its short setups and hit its 61.8% target of the 50% long it was in from 1.55222. The full half way back short of the whole short trend from November is at 1.58204, where the pound can be expected to encounter some resistance. The daily short trend is only broken at 1.5933, so it remains to be seen if today's surge was a sign of things to come or just a move back into the next short setup.
On the daily the yen is in a long setup from 82.649, with a target at 84.187 currently in a range between the 50% long and the 83.4-83.5 area. Larger short above at 84.592, which was tested in November/December 2010, with a target at 78.227.
Forex Trading Analysis written by Diana Rochford for ForexPros. For more information about currency charts visit ForexPros.
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