ForexPros Daily Analysis August 15, 2011

Free webinar on ForexPros - 7 golden rules for the novice trader

Expert: Bastian Rubben

Start: Mon, Aug 22, 2011, 13:00 GMT
End: Mon, Aug 22, 2011, 14:00 GMT

This webinar is about golden rules that every trader, beginner or experienced has to follow. We will go through basic trading systems; find out what is the appropriate leverage a trader should use, breaks down & up etc.

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Euro in Range, Pound In Next Short, Yen Flirting With Lows


On the daily looks to be in a range between 1.44 and 1.405-1.4125. It has just broken the short it was in, going through the 61.8% line at 1.4294. We can expect it to go to the stop of the range. In the larger term, the euro is between a long at 1.39058 and a short at 1.43877.


On the daily, the pound broke its range last week and is now testing its next short at 1.62914. The trend break/line in the sand is at 1.63345. The target for the short is at 1.60227.


On the daily, the yen is flirting with all time lows and has bounced off its previous all time low at 76.294. Technically the yen is still in a short until 78.736.


Forex Trading Analysis written by Diana Rochford for ForexPros. For more information about forex news visit ForexPros.


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