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Forexpros.com Daily Analysis - 01/06/2011

Euro Still Holding Longs. Yen in Bottom of Range.

Euro:

The euro is still in measured moves long and the setups are yet to be broken. The next setup's target is at 1.44548. This corresponds with the full half way back short at 1.44547, with the line in the sand at 1.4569. This is a tricky area. The euro is in strong unbroken setups but is coming up against strong resistance so best to watch this area.

Pound:

On the daily, the pound broke its daily long setups and has reacted off its next 50% short at 1.6484, with a target at 1.63477. This could signal a reversal in trend into the next long setup. This is best seen in the 15 min chart.

Yen:

On the daily, the yen has reacted off a 50% long at the bottom of the range, with a target at 82.551 which is just above the larger short setup at 82.551, which the yen is currently in.

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