ForexPros Daily Analysis June 15, 2011
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Euro Breaks Longs, Pound Testing Longs, Yen Hit Resistance
On the daily, the euro looks like its about to break its long setup, with the full traditional long line in the sand at 1.4388. and has front run its 50% short at 1.4509, with a target at 1.4233. Be careful trading and only get in at large setups.
On the daily, the pound is trading in very wide ranges. Be careful trading the pound, it has been breaking setups in both directions and the chart looks messy. Technically in the big picture the pound is still in a long.
On the 15 min chart, the pound has just hit its next 15 min long at 1.6328, with a line in the sand at 1.6301. If the long setup is broken we can expect the pound to go back to the bottom of its range.
On the daily, the yen bounced off the bottom of the range at the mid 79s has hit its next measured move short at 80.73, which has a target at 79.2. The line in the sand is at 80.971. If this breaks we can expect the yen to continue in its range.
Forex Trading Analysis written by Diana Rochford for ForexPros. For more information about forex news visit ForexPros.
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