ForexPros Daily Analysis June 21, 2011


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Euro, Pound in measured Moves Long But Hitting Resistance

Fibonacci Forex Trading Analysis

Euro: 

On the daily, the euro is in measured moves long and is butting up against resistance at the the full traditional 50% short at 1.43842, with the line in the sand at 1.44575. Longs have not been broken yet so it is premature to go short. Continue to trade the trend until it breaks.

On the 15 minute chart, the euro is still in long setups and its next long setup is at 1.4403. The daily pivot at 1.4259 may hold the euro in its longs.

Pound: 

The pound is in measured moves long with its long targets coinciding with its traditional 50% short at 1.626. Once again, keep trading with the trend until it is broken. This is best seen on the 15 min chart.

Yen: 

On the daily, the yen is butting against support at the bottom of the range. Previous lows at the 79.5-80 area may provide significant support.  The target from the short is at 80.953 is 79.94.

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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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