ForexPros Daily Analysis May 31, 2011
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Euro, Pound In Unrelenting Long Setups. Yen at Resistance
On the daily, the euro is in consistent measured moves long and decisively broke the short setups its been in the past months. The next point of resistance may be the traditional half way back short at 1.44547, but best to see the reaction given the euro's strength.
On the 15 minute chart, the euro's measured moves longs are clear. The next extension long is at 1.43632 (line in sand 1.43534) and full traditional long is at 1.43298 (line in sand at 1.43122).
On the daily, the pound is in steady longs since bouncing off its 50% at 1.60446, with its target at 1.70766.
On the daily, the yen has come into resistance at its half way back long within the range at 80.88, with a target at 82.871. The yen is still closer to the bottom of its range. Resistance should be expected around 79.527.
Forex Trading Analysis written by Diana Rochford for ForexPros. For more information about technical analysis visit ForexPros.
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