ForexPros Daily Analysis February 02, 2011
Today: 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 hit its target of 1.38367 from its extension long of 1.35966.
The euro clearly breached its 61.8% of the euro setup.
On the 15 minute chart, you can clearly see the euro hitting its target. Can expect some pullback, but best to remain with the trend until it clearly breaks. Cannot ascertain next measured move since euro has yet to pullback.
Pound:
On the daily, the pound clearly broke it previous highs of 1.60596, and is moving towards its target of 1.62138 from its 50% at 1.52622.
Previous high of 1.63034 may act as resistance.
On 15 min chart (actually I cheated and I used the 1 hour chart to be able to show it on the chart), can see pound heading towards target at 1.62124. R1 at 1.61988 may act as resistance. Pound has yet to pullback and so next measured move cannot be drawn.
Yen:
On the daily, the yen confirmed its short from the 50% at 84.592, with a target at 78.227, which would be an all-time low. The yen clearly broke its long and 61.8% at 81.971.
April 1995 support levels hit again at the beginning of 2011 at 80.914 may act as support, as well as the previous low at 80.2 hit in November 2010. All time low is at 79.7 reached April 1995.
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Forex Trading analysis written by Diana Rochford for Forexpros.
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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.
Today: 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 hit its target of 1.38367 from its extension long of 1.35966.
The euro clearly breached its 61.8% of the euro setup.
On the 15 minute chart, you can clearly see the euro hitting its target. Can expect some pullback, but best to remain with the trend until it clearly breaks. Cannot ascertain next measured move since euro has yet to pullback.
Pound:
On the daily, the pound clearly broke it previous highs of 1.60596, and is moving towards its target of 1.62138 from its 50% at 1.52622.
Previous high of 1.63034 may act as resistance.
On 15 min chart (actually I cheated and I used the 1 hour chart to be able to show it on the chart), can see pound heading towards target at 1.62124. R1 at 1.61988 may act as resistance. Pound has yet to pullback and so next measured move cannot be drawn.
Yen:
On the daily, the yen confirmed its short from the 50% at 84.592, with a target at 78.227, which would be an all-time low. The yen clearly broke its long and 61.8% at 81.971.
April 1995 support levels hit again at the beginning of 2011 at 80.914 may act as support, as well as the previous low at 80.2 hit in November 2010. All time low is at 79.7 reached April 1995.
---
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.