ForexPros Daily Analysis March 02, 2011
Today:Free webinar on ForexPros - Sharpening Your Edge Series: The Moving Averages
Expert: Andrei Knight
Start: Wed, Mar 2, 2011, 08:00 PST
End: Wed, Mar 2, 2011, 09:00 PST
In the first installment of this new series on ForexPros.com, find out how this "simple" indicator can help add clarity to your trading and help you understand the big picture of where price is coming from and where it is most likely headed next. Join leading fund manager and trading coach Andrei Knight for this exciting instructional webinar which will transform the way you look at charts and help you achieve better trading results.
Mr. Knight is the author of "Trading Forex for a Living" from Harriman House, as well as FXStreet's forth-coming DVD "Fibonacci: Unlocking the Market Code". His insights and analysis are featured regularly on ForexPros, FXStreet, BabyPips, DailyFX, Forex Factory, and the International Business Times.
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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.
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.
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.
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