ForexPros Daily Analysis June 13, 2011


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Euro, Pound in Short Setups, Yen Confirms Range

Euro: 

On the daily, the euro is in measured moves short and has hit its next full 50% long at 1.4331 and has found some support. The long has a target at 1.4899.

On the 15 min chart, the euro is in measured moves short. The next extension short is at 1.4381 with a target at 1.4293. The line in the sand is at 1.4381, with the daily pivot at 1.4406.

Pound: 

On the daily, the pound broke its shorts, breaking the daily setup at 1.6242.

Yen: 

On the daily, the yen looks to be confirming its range and bounced off its previous low area at the 79 area. The next short setup in the yen's measured moves short is at 80.726, where the yen has met some resistance. This short is perilous being in the middle of the range. If the yen breaks its line in the sand at 80.971, then it will continue in its range.

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Forex Trading Analysis written by Diana Rochford for ForexPros. For more information about technical analysis visit ForexPros.

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