ForexPros Daily Analysis November 10, 2010
On daily, testing its extension long at 1.3808. Line in sand is at 1.3696. If we break below, longs are broken.
On 15 min chart, in measured moves short. Cannot go long, until shorts are broken.
Next 50% short, an extension short, at 1.3822, which coincides with Daily Pivot at 1.3832.
Line in sand at 1.3845. Must remain short until shorts are broken.
On daily chart, the pound pulled back to its next traditional setup at 1.5975. Line in the sand for longs is 1.5895.
On 15 min chart, also in measured moves short. Reacting to extension short at 1.6013. Line in sand is full 50% at 1.6068, with 61.8% at 1.6095.
Testing its next extension short at 81.50 and looks ready to break through. If breaks, we will look for next long setup.
Forex Trading analysis written by Diana Rochford for Forexpros.
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