ForexPros Daily Analysis August 19, 2011
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Euro, Pound Bouncing off Next Long, Yen Still Hugging Lows
On the daily, the euro spent the last couple of days in short setups into the next half way back long at 1.4285. This has a target of 1.4626. The trend break/line in the sand for this long is at 1.42307. If this breaks the longs are officially over, and it could signal a longer term range bound market. If the long carries through, there is little resistance to 1.49.
The pound continues in its march to its long target at 1.66421 from its long at 1.6129. However on the 15 min chart, the next long move has been broken. The next traditional long is at 1.6349.
On the 15 min chart, the short is broken, and the daily long is holding at 1.64785, with a line in the sand at 1.6464.
The yen is still hugging lows. It wants to break through but there is support at the all time lows at 76.294. I know I sound like a broken record but be VERY CAREFUL trading here at lows since the Bank of Japan is known to intervene when the yen hits new lows. Have your stops in (like you always should).
Forex Trading Analysis written by Diana Rochford for ForexPros. For more information about technical analysis visit ForexPros.
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