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Forexpros.com Daily Analysis - 23/05/2011

Euro:

On the daily, the euro is in measured moves short from its 50% at 1.43167, with a target at 1.39146, with coincides with the next full traditional 50% long at 1.39058. Some resistance may be expected at its former low at 1.40436.

Pound:

On the daily, the pound remains in a range, between a 50% short at 1.6311 and a low at 1.61056. The short has a target at 1.60086. The next 50% traditional long is at 1.60446.

Yen:

On the daily, the yen is still in its range and is heading towards it half way back at 82.537 where it may meet some resistance, though Fibonacci's within a range are not as reliable.

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