ForexPros Daily Analysis January 27, 2011
Free webinar on ForexPros - Technical Analysis:Elliot Wave Basics
Expert: Mark Dela Paz
Start: Wed, Feb 2, 2011, 10:00 ET
End: Wed, Feb 2, 2011, 11:00 ET
Before mathematicians started applying a chaos theory to financial markets, technical analysts have been using fractal geometry to identify, classify, and anticipate financial markets. Learn and explore Elliot Wave Theory and how it can be used for assesing market conditions.
Click here to join free
The euro continues in measured moves long. The ruo bounced off its next measured move long at 1.36392, with a target at 1.37396, with coincides with 61.8% target from longer term longs from 1.32404 and 1.3547.
On the daily, the pound bounced off (frontrun) it next bullish setup at 1.57328, with a target at 1.2138. The 61.8% of the next short at 1.59379, is acting as resistance.
On the daily, the 61.8% on the long at 81.971 is acting as support. The yen is within a larger short from 84.592, which has a target at 78.227, which would be an all time low. Previous lows at 80.9 and 80.2 may act as support.
Forex Trading Analysis written by Munther Marji for ForexPros. For more information about forex news visit ForexPros.
New on Forexpros the Forex Brokers Directory!
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.