ForexPros Daily Analysis December 13, 2010
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On the daily, the chart is getting messy, but ultimately its showing the euro in a series of shorts, with strong support at the 1.32002, a 50% long. The euro must break through 1.31445 to confirm shorts. The target from the larger short at 1.33777 is 1.27715. The short at 1.33107 has a target of 1.31202. Daily Pivot at 1.32285 can help downward pressure on the euro.
The 15 min chart shows the series of measured moves shorts the euro has been in.
On the daily, the pound hit its 61.8% and reacted strongly, which for the pound can be a turning point. This is a an important day to watch the pound for direction. Watch if the pound decidedly breaks through the 61.8% or if it starts showing a reversal pattern. The former low at 1.58366 is acting as resistance. The target of the 50% long the pound is in is 1.59235.
On 15min chart, can see the pound in long measured moves, with a target at 1.59072. The 61.8% line of the larger short is 1.58588.
In a long setup, within a range. Yen has front run its 50% at 83.319, with a target at 84.78. Yen must break through previous highs at 84.42 to confirm longs in the short term, though the bigger 50% at 84.592 is providing resistance. Yen must break 85.612 to confirm longer term longs.
Forex Trading Analysis written by Munther Marji for ForexPros. For more information about technical analysis visit ForexPros.
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