ForexPros Daily Analysis August 17, 2011

Free webinar on ForexPros - Price Action with Analyst Navin Prithyani

Expert: Navin Prithyani

Start: Thu, Aug 18, 2011, 13:00 GMT
End: Thu, Aug 18, 2011, 14:00 GMT

With the markets changing everyday, trading systems and EA's are becoming obsolete. The market no longer caters to a 20-30 pip stop loss. A trader should always know when to cut his/her losses short or when to let the profits run on a live market. Learn tips and tricks on price action methods that Analyst Navin Prithyani uses himself in his everyday trading.

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Euro, Pound in Longs, Hitting Resistance, Yen Hugging Lows

Euro: 

On the daily, the euro is in longs but hit resistance at the short setup at 1.43877, with a target at 1.3571. The break in trend/line in the sand is at 1.45186. The euro is in a long at 1.4356, with a target at 1.4532. Looking at the bigger picture the euro is between a long at 1.39058 and a short at 1.4388.

Pound: 

On the daily, the pound hit the top of its range at 1.6476. The pound is in along setup from 1.6129, with a target at 1.6642.

Yen:

On the daily, the yen is still hugging all time lows at 76.294. Trading the yen at these levels can be unpredictable and should be done with very solid stops. the Bank of Japan is known for intervening when starts hitting new lows.

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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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