ForexPros Daily Analysis August 10, 2011
Euro In Wedge, Pound Broke Range, Yen Near Lows
On the daily, the euro broke its short setups. The euro has now broken its short and it long setups on the daily. The euro is in a wedge. It has butted up against the short from the high in May to the lows in July. On the 15 min chart, the euro is in longs, but they are messy. The fed announcement led to increased volatility and the short term chart setups are dirty. Best to let the trend clear itself up.
On the daily, the pound broke its range and its long setup at 1.61831. However the pound snapped back into the range. To confirm the trend break, the pound will have to decidedly break its 61.8% line (1.6183). In the past 3 weeks, the pound has been in a range between 1.6475 and its 50% long at 1.624.
On the daily, the yen is closer to all time lows at 76.294. Resistance should be expected at this point. Take precautionary steps against possible intervention if the yen breaks lows.
The Forex analysis is written by Diana Rochford for Forexpros the Forex and Stock Markets Portal.
Also, Visit our S&P 500 Futures Page!
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.