ForexPros Daily Analysis February 01, 2011
Free webinar on ForexPros - Technical Analysis:Elliot Wave Basics
Expert: Mark Dela Paz
Start: Wed, Feb 2, 2011, 10:00 ET
End: Wed, Feb 2, 2011, 11:00 ET
Before mathematicians started applying a chaos theory to financial markets, technical analysts have been using fractal geometry to identify, classify, and anticipate financial markets. Learn and explore Elliot Wave Theory and how it can be used for assesing market conditions.
Click here to join free
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Euro Dollar:
On the daily, the euro bounced off it next 50% extension long at 1.35966, with a target at 1.38367. The euro, is bouncing between the 50% (1.35794) and 61.8% (1.37497) of the larger short, with a target at 1.25409. Do not rule out the greater short until the euro clearly clears the 61.8%.
Pound:
On the daily, the pound continues in measured moves long and is currently in the 50% long from 1.57328 with a target at 1.62138. The previous high of 1.60596 is acting as resistance.
Yen:
On the daily, the yen seemed to confirm its short today by clearing the 61.8% of the long at 81.971. The yen has yet to close below the 61.8% line that has been acting as support. The larger short is at 84.592, with a target at 78.227, a new all time low. The low at 80.914 and 80.268 may act as resistance.
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Forex Trading analysis written by Diana Rochford for Forexpros.
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New on Forexpros the Forex Brokers Directory!
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Disclaimer:
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.
Free webinar on ForexPros - Technical Analysis:Elliot Wave Basics
Expert: Mark Dela Paz
Start: Wed, Feb 2, 2011, 10:00 ET
End: Wed, Feb 2, 2011, 11:00 ET
Before mathematicians started applying a chaos theory to financial markets, technical analysts have been using fractal geometry to identify, classify, and anticipate financial markets. Learn and explore Elliot Wave Theory and how it can be used for assesing market conditions.
Click here to join free
---
Euro Dollar:
On the daily, the euro bounced off it next 50% extension long at 1.35966, with a target at 1.38367. The euro, is bouncing between the 50% (1.35794) and 61.8% (1.37497) of the larger short, with a target at 1.25409. Do not rule out the greater short until the euro clearly clears the 61.8%.
Pound:
On the daily, the pound continues in measured moves long and is currently in the 50% long from 1.57328 with a target at 1.62138. The previous high of 1.60596 is acting as resistance.
Yen:
On the daily, the yen seemed to confirm its short today by clearing the 61.8% of the long at 81.971. The yen has yet to close below the 61.8% line that has been acting as support. The larger short is at 84.592, with a target at 78.227, a new all time low. The low at 80.914 and 80.268 may act as resistance.
---
Forex Trading analysis written by Diana Rochford for Forexpros.
---
New on Forexpros the Forex Brokers Directory!
---
Disclaimer:
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.