ForexPros Daily Analysis December 29, 2010

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I remembered the other reason why to refrain to trade during the holiday. Trading is as slow as the molasses you put in your holiday desserts and can lead to impatience and silly trades. So stay smart and only trade larger timeframes.

Euro Dollar:

On the daily, the euro reacted to its next daily 50% short at 1.32769, with a target at 1.29514, and found support at the full half way back for the past 6 months long at 1.30742, with a target at 1.4838.


On the daily, the pound reacted to its daily short at 1.55023, with a target at 1.52888, which coincides with its larger target from the bigger short at 1.58919.
The 50% full half way back long since May is at 1.52622 and may prove to be strong resistance. This is where the euro is at currently and is stalling the euro short trend.

Yen (USD/JPY):

Yen is moving south and may have broken its range and is proving the short at 84.345, with a target at 78.227, which would be an all time low.
Currently its meeting resistance at the 61.8% line at 81.855, which coincides with previous highs.
Next major resistance is previous lows at 80.234.


Forex Trading Analysis written by Diana Rochford for ForexPros. For more information about forex news visit ForexPros.


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