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.
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In this presentation, we look under the hood to discover:
* why so many traditional technical tools fail to deliver on their promise,
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* a change robust and reliable pattern that we can use in continuation and change
in trend trades
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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.
On the daily, the pound is in a long setup at 1.58609, with a target at 1.61506.
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.
Forex Trading Analysis written by Diana Rochford for ForexPros. For more information about forex news visit ForexPros.
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