ForexPros Daily Analysis January 24, 2011


Today: Free webinar on ForexPros - Improve Your Edge: Use the Power of Market Profile and Wyckoff!

Expert: Ramon Barros

Start: Mon, Jan 24, 2011, 08:00 ET
End: Mon, Jan 24, 2011, 09:00 ET 

Richard D Wyckoff brought the power of principle, volume and range to trading.
Peter J Steidlmayer expanded this circle and added to the Wyckoff legacy.

In this presentation, we look under the hood to discover:

    * why so many traditional technical tools fail to deliver on their promise,
    * the principles we need to apply to succeed and
    * a change robust and reliable pattern that we can use in continuation and change
       in trend trades

Click here to join free

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Euro Dollar: 

On the daily, the euro is in measured moves long, and has met the target at 1.3617 from its latest long at 1.3392. The next 50% in the series of measured moves is at 1.35478, with the line in the sand for longs and shorts at 1.35243.
The euro is currently testing its larger short setup at 1.35802, with a line in the sand at 1.37448.

Pound:
On the daily, the pound is in a long setup at 1.58609, with a target at 1.61506.

Yen:
On the daily, the yen is in a long setup bouncing off the 50% at 82.486, with a target at 83.427. Both the larger long and short setup are broken, which makes it hard to ascertain what direction is moving in, other than it is within a larger short from 84.592 and its bouncing off support from April 1995 and its creating a downwards facing wedge.

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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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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.