ForexPros Daily Analysis February 21, 2011


Today:Free webinar on ForexPros - Forex Fundamentals

Expert: Curt Wehrley

Start: Mon, Feb 21, 2011, 09:00 ET
End: Mon, Feb 21, 2011, 10:00 ET

A review of the top fundamental news events over the prior month, and a look ahead at the news that could influence the foreign exchange market over the coming weeks.

Click here to join free

---

Euro Dollar:

On the daily, technically in a long setup, confirming the 50% long at 1.3457, with a target at 1.40494.. The 61.8% line of 1.36951 in the next short has been broken, which indicates bullishness. We are pulling back now, which is not strange after a 3 day strong rally.
On the 15 min chart, the next long setups are at 1.36299 and 1.35716. The break of the longs is at 1.35376.

Pound:

In a bullish setup on the daily, hitting resistance at previous highs at 1.63. The pound has reacted off this resistance line 3 times now.
On the 15 min chart, the next long setups are at 1.62055 and 1.61248. The daily pivot is at 1.62201 which may serve as support. The break of the longs is at 1.60921.

Yen:

Yen once again confirmed the range and reacted off the 50% short at 84.093. This is the fourth time it reacts. On the bottom of the range, the yen is reacting off a trend line connecting the lows. A wedge is being created and eventually the yen will pop through and decide its next direction.

---

Forex Trading Analysis written by Diana Rochford for ForexPros. For more information about currency charts visit ForexPros.

---

Get the most updated Forex News !

---

Disclaimer:
Trading Futures and Options on Futures and Cash Forex
transactions involves substantial risk of loss and may not be suitable for
all investors. You should carefully consider whether trading is suitable for
you in light of your circumstances, knowledge, and financial resources. You
may lose all or more of your initial investment. Opinions, market data, and
recommendations are subject to change at any time.