ForexPros Daily Analysis February 17, 2011
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The scenario remains bearish, as we saw yesterday, in the medium term on this cross. However we can have an Intraday rally that can take the prices near 1.3700 (see image).
The weakness that we saw yesterday took place during the night. We will take a short position on the USDJPY if the price will move upwards in the short term as you can see in the image.
As seen yesterday, the 1.60 support level stopped the price action once more, and the GBPUSD jumped up.
Put your stop loss at the same level of the entry point, in order to protect your position, and close half of the position to protect your gain.
Let the other half run, the target is a new price high.
Forex Trading Analysis written by Luca Discacciati for ForexPros. For more information about technical analysis visit ForexPros.
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