ForexPros Daily Analysis March 02, 2011


Euro Dollar:

On the daily, the euro is between a previous high of 1.38584 and a long of 50% at 1.37073.

On the 15 min chart, the euro has broken the next long setup. The next setup from the same starting point is a long at 1.37264. The next traditional long is at 1.36908. The longs are broken at 1.3672.

Pound:

On the daily, the pound is still in a long setup, bouncing off the 50% percent long at 1.60132, with a target at 1.64.

On the 15 min chart, the pound hit its 23.6% target, even though the long setup was broken. The next long setup is at 1.61794, with a target at 1.63984. Longs are broken at 1.595.

Yen:

On the daily, the yen continues in its wedge formation, between its 50% short at 84.093 and a trend line that has been created from the low of 80.234 and subsequent lows.

---

Forex Trading analysis written by Diana Rochford for Forexpros.

---

Get the most updated Forex News!

---

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.