ForexPros Daily Analysis May 23, 2011
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On the daily, the euro is in measured moves short from its 50% at 1.43167, with a target at 1.39146, with coincides with the next full traditional 50% long at 1.39058. Some resistance may be expected at its former low at 1.40436.
On the daily, the pound remains in a range, between a 50% short at 1.6311 and a low at 1.61056. The short has a target at 1.60086. The next 50% traditional long is at 1.60446.
On the daily, the yen is still in its range and is heading towards it half way back at 82.537 where it may meet some resistance, though Fibonacci's within a range are not as reliable.
Forex Trading Analysis written by Diana Rochford for ForexPros. For more information about forex news visit ForexPros.
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