Forexpros.com Daily Analysis - 21/04/2011

By @ibtimes on

ForexPros Daily Analysis April 21, 2011

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Expert: Curt Wehrley

Start: Tue, Apr 26, 2011, 10:00 EST
End: Tue, Apr 26, 2011, 11:00 EST

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.

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Euro:
The euro, on the daily, has continued in its bullish trend since January. On Monday it bounced off its extension long at 1.41907 and is heading towards its target at 1.46737. The euro has broken its flat top at 1.45188.

Pound:
On the daily, the pound may be breaking out of its range and is heading towards its long target at 1.65442 from its more recent long at 1.61805 from Monday. The pound however has faced strong resistance at its weekly short at 1.6418 and so needs to be watched carefully.

USD/JPY:

On the daily chart, the yen is still in a range, albeit a wider range after hitting an all time low at 76.392. Currently finding some support at the 50% at 82.162.

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