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Forexpros.com Daily Analysis - 09/08/2011

Euro in Short, Pound Still In Range, Yen Near All Time Lows

Euro:

On the daily, the euro continues in shorts, albeit in messy setups. Setups are technically being broken, so its best to trade only larger timeframes to avoid getting chopped up. On the 15 min setup, the traditional short for the day is at 1.42645. The trend will be broken/line in the sand is at 1.42966. target is at 1.4065.

Pound:

On the daily, the pound remains in the same range of the past 3 weeks, between the 50% long at 1.6239 and the top of the range at 1.6476. The range needs to break to determine trend.

Yen:

On the daily, after the intervention spike the yen is slowly making its way back down in short setups towards its all time low at 76.294. Expect resistance at the 76.3 area. Once again, intervention would not be strange if the yen starts hitting new lows, so place your stops.

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