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Thursday November 4, 2010 - 12:15:57 GMT
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Forexpros Daily Analysis - 04/11/2010
ForexPros Daily Analysis November 04, 2010
Euro, Pound March Towards Long Target
Fed day provided some volatility with Euro and Pound pulling back into
their next long setups. Interest rate decisions in the euro area (8:45am
est) and the UK (8am est) should provide additional volatility Thursday
Daily: Euro has just broke range. Not as
convincingly as the pound. Marching towards target of 1.4355, from large
50% extension long at 1.3748. Extension longs like to run to their
61.8% line, in this case, 1.467. Still need to watch for real break from
In 15 minutes, euro holding long at 1.4088, with target at 1.4225.
Daily:Confirmed its long setups of 50% of 1.539 and 1.5704, with joint targets of 1.6299.
15min: The pound is in its long setup 50% at 1.6079, and is currently
being held up by daily pivot at 1.6068. Today the pound pulled back to
next setup at 50% at 1.6024. *targets at 1.6228, 1.6247.
Still in short setups. In extension short at 81.52, with target at
79.55. A retracement would not be strange after hitting its yearly 21.3%
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