Forexpros.com Daily Analysis - 10/05/2011
May 10, 2011 5:34 AM ET
Forexpros's Blog
21 Followers
Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.
Euro, Pound, Yen Hitting Support But In Short Setups
Euro:
On the daily, the euro has broken the long trend straight down. The euro is currently in an extension short, with the 50% at 1.441, with a target at 1.42635 (seen in the 15 minutes chart). The daily pivot at 1.44038 is currently keeping the euro in its short setup. The line in the sand is at 1.44337.
The next long setup is at 1.4182, with a line in the sand is 1.40031.
Pound:
On the daily, the pound is in measured moves short. The next short target is at 1.62642. It has butted into its next measured move long at 1.63399, with a target at 1.69384. The line in the sand is at 1.6244.
On the 15 min chart, the next measured move short is clear.
Yen:
On the daily, the yen has hit support at previous lows but remains within measured moves short.
---
New on Forexpros, the Fibonacci Calculator !
---
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.
Euro:
On the daily, the euro has broken the long trend straight down. The euro is currently in an extension short, with the 50% at 1.441, with a target at 1.42635 (seen in the 15 minutes chart). The daily pivot at 1.44038 is currently keeping the euro in its short setup. The line in the sand is at 1.44337.
The next long setup is at 1.4182, with a line in the sand is 1.40031.
Pound:
On the daily, the pound is in measured moves short. The next short target is at 1.62642. It has butted into its next measured move long at 1.63399, with a target at 1.69384. The line in the sand is at 1.6244.
On the 15 min chart, the next measured move short is clear.
Yen:
On the daily, the yen has hit support at previous lows but remains within measured moves short.
---
New on Forexpros, the Fibonacci Calculator !
---
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.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.