ForexPros Daily Analysis December 27, 2010
I will be posting this week but will be looking at the market in broader terms since light volume tends to make trading setups more volatile in shorter timeframes.
On the daily, currently in a narrow range between 50% short at 1.31361, and full half way back for the year 50% long at 1.30738. Technically, the euro is still in a short from its short at 1.33777, with a target at 1.27715.
On the daily, the pound is marching towards its target of 1.52892, from its 50% short of 1.58919. the 15min chart, the pound is still in measure moves short. It reacted off a 50% short at 1.54611, with a target of 1.53055. It is currently below its daily pivot 1.54436.
Yen ( USD/JPY):
On the daily, the yen is still oscillating within its range, between 50% long of 82.345 (target of 85.404) and short of 84.592 (target of 78.227, breaking all time lows). Must break either of these 50% to re-establish trend it will follow.
Forex Trading Analysis written by Diana Rochford for ForexPros. For more information about currency charts visit ForexPros.
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