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.

Euro Dollar: 

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.

Pound:

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.

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Forex Trading Analysis written by Diana Rochford for ForexPros. For more information about currency charts visit ForexPros.

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