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Forexpros.com Daily Analysis - 20/12/2010

Euro Dollar:

Friday's action seems to confirm the short at 1.33777, with a target of 1.27715. I would like to see a close below 1.31445 to confirm the short.

On 15 min chart in next measured move short, an extension with 50% at 1.31873, with target at 1.31084. If it breaks 1.32009, we can go full half way back short at 1.33136.

Pound:

Pound short is in full swing. On Friday, pound broke previous lows at 1.55039, but closed above it. Target for 50% short at 1.58919 is at 1.52892. Pound currently in next measured move short.

On 15 min chart, Pound reacting to next 50% short at 1.55452 (with daily pivot at 1.55439) and target at 1.54374. If we break the measured move (1.55674) pound could go full half way back at 1.56793.

Yen:

Still stuck in its wide range between 50% long of 82.345 and 50% short of 84.592. Currently bouncing off 50% long at 83.667 (within the range), with a target of 84.78.

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