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

Forexpros.com Daily Analysis - 07/02/2011

Euro Dollar:

On the daily the euro is in a reversal setup and has bounced off the next 50% long setup at 1.35489, with a target at 1.40019. The reversal setup is best seen on the 15 minute chart.

On the 15 minute chart, the euro is between its next long 50% setup at 1.35516, with a target at 1.40063 and its reversal extension short setup at 1.36547, with a target at 1.34892.

Pound:

On the daily, the pound is in a reversal setup but has bounced off its next long setup at 1.60494, with a target 1.63855. Keep a close eye. To confirm the reversal, the pound will have to move to its next 50% short and then break the long setup.

On the 15 minute chart, you see the conflicting long and short setup. Currently the pound can be seen in a reversal pattern short or bouncing off it next 50% long. The pound will have to break one of the setups to confirm its trajectory.

Yen:

On the daily, the yen is still in a short setup at 82.388, with a target at 80.473. Previous lows at 80.926 and 80.234 may act as support. This is within the greater short at 84.093, with a target at 79.48.

---

Get the most updated Forex News!

---

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.