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Forexpros.com Daily Analysis - 10/05/2011

May 10, 2011 5:34 AM ET
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Euro, Pound, Yen Hitting Support But In Short Setups

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.

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.

On the daily, the yen has hit support at previous lows but remains within measured moves short.


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