Daily Analysis – 17/05/2011

ForexPros Daily Analysis May 18, 2011

Euro, Pound Rebounding To Next Setup, Yen Back In Range

On the daily, the euro is threatening its short setup at 1.428 and may move into its next setup. The full traditional short setup is at 1.44946.

On the 15 min chart, the euro hit its long target at 1.42888 and broke its short setup. Must wait for a retracement to determine the next setup.

On the daily, the pound looks to be retracing to its next short setup at 1.63308.

On the daily the yen broke the short setup it was in and hit the target of 81.747 of the long from 80.442. This may indicate the yen wants to continue in its range pattern it has been in the past 8 months. The next long measured move is at 81.058, with the line in the sand at 80.889.
The full traditional short is at 82.544, with the line in the sand at 83.25.

Forex Trading analysis written by Diana Rochford for Forexpros.

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