ForexPros Daily Analysis December 22, 2010
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On the daily, the euro has found support at full half way back at 1.30742, but is still technically in a short setup, with a target at 1.27715. On the daily, the daily 2 day half way back is at 1.3137, and the euro is still respecting this setup.
On the 15 min chart, the two-day halfway back is at 1.31368. The line in the sand for bullish or bearish is at 1.3152. The next 50% resistance level is at 1.32153 from Friday's highs to today's lowest.
The pound has been leading the charge on the shorts and is marching towards its target at 1.52892.
On the 15 min chart, pound is currently being held down by the daily pivot at 1.549. Full half way back since Tuesday's highs is at 1.54995 and line in the sand is at 1.5515.
Still in a range on the daily between 50% long at 82.345 and 50% short at 84.592. The 50% half way back of last move in the range at 83.667 still holding yen, but it is trending lower. Next major support at full half way back of range at 83.319, though half way backs cannot be trusted in a range.
Forex Trading Analysis written by Munther Marji for ForexPros. For more information about technical analysis visit ForexPros.
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