Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Forexpros.com Daily Analysis - 07/12/2010

Euro and Pound Longs are still holding but half way back shorts acting as resistance. Best to let market confirm which direction it wants to go.

Euro:

On daily, 50% short at 1.33777 acting as resistance.

On 15 min, currently bouncing off long at 1.32479, with target at 1.35276, as a continuation of measured moves long of the past week. Short at 1.33419, acting as resistance, though we are above daily pivot of 1.33229, which may hold market up.

---

Pound: Between short of 57891 and long of 1.5649.

On 15 min, bouncing off 50% at 1.56487. Needs to break 1.58536 to confirm long. Daily Pivot at 1.57139.

---

Yen:

On daily, reacting off 50% at 82.345.

---

New on Forexpros the Forex Brokers Directory!

---

Disclaimer:
Trading Futures and Options on Futures and Cash Forex
transactions involves substantial risk of loss and may not be suitable for
all investors. You should carefully consider whether trading is suitable for
you in light of your circumstances, knowledge, and financial resources. You
may lose all or more of your initial investment. Opinions, market data, and
recommendations are subject to change at any time.