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

Euro: 

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.

Pound: 

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.

Yen: 

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.

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

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