ForexPros Daily Analysis August 04, 2011
Euro Battles For Trend, Pound Ranging, Yen Intervention?
On the daily, the euro is between a long setup from 1.4187 with a target at 1.47 (line in the sand is 1.4385) and a short at 1.4338, with a target at 1.4047 (line in the sand at 1.4104). The battle for the trend.
On the daily, the pound continues ranging between 1.6475 and its daily long at 1.6239, with the target at 1.6588. The line in the sand is at 1.6183. If the pound breaks the 61.8% it could signal a change in direction.
The dangers of trading a currency that is hitting lows and whose government has a history of intervention. If it walks, talks and looks like intervention…
On the daily, the yen hit an all time low Monday. A huge green candle may mean the Bank of Japan has intervened to stem further losses.
Forex Trading analysis written by Diana Rochford for Forexpros.
Visit Forexpros new Forex Brokers Directory !
Trading Futures and Options on Futures and Cash Forex
transactions involves substantial risk of loss and may not be suitable for
all investors. You should carefully consider whether trading is suitable for
you in light of your circumstances, knowledge, and financial resources. You
may lose all or more of your initial investment. Opinions, market data, and
recommendations are subject to change at any time.