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Forexpros.com Daily Analysis - 17/08/2011

Euro, Pound in Longs, Hitting Resistance, Yen Hugging Lows

Euro:

On the daily, the euro is in longs but hit resistance at the short setup at 1.43877, with a target at 1.3571. The break in trend/line in the sand is at 1.45186. The euro is in a long at 1.4356, with a target at 1.4532. Looking at the bigger picture the euro is between a long at 1.39058 and a short at 1.4388.

Pound:

On the daily, the pound hit the top of its range at 1.6476. The pound is in along setup from 1.6129, with a target at 1.6642.

Yen:

On the daily, the yen is still hugging all time lows at 76.294. Trading the yen at these levels can be unpredictable and should be done with very solid stops. the Bank of Japan is known for intervening when starts hitting new lows.

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