Forexpros.com Daily Analysis - 04/08/2011

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ForexPros Daily Analysis August 04, 2011


Free webinar on ForexPros - One of My Top Emini Trading Strategies

Expert: Steve Primo

Start: Thu, Aug 11, 2011, 09:00 EST
End: Thu, Aug 11, 2011, 10:00 EST

Steven Primo is a former Stock Exchange Specialist, a 34 year veteran of the markets, and founder of Specialist Trading.com. In this webinar, Steven will share with you his concepts, techniques, and one of his favorite strategies for trading the Emini futures. Mr. Primo's tools are extremely simple yet versatile, and can also be applied to trading any market, in any direction and in any time frame.

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Euro Battles For Trend, Pound Ranging, Yen Intervention?

Euro:
On the daily, the euro is between a long setup from 1.4187 with a target at 1.47 (line in the sand is 1.4385) and a short at 1.4338, with a target at 1.4047 (line in the sand at 1.4104). The battle for the trend.

Pound:
On the daily, the pound continues ranging between 1.6475 and its daily long at 1.6239, with the target at 1.6588. The line in the sand is at 1.6183. If the pound breaks the 61.8% it could signal a change in direction.

Yen:
The dangers of trading a currency that is hitting lows and whose government has a history of intervention. If it walks, talks and looks like intervention...
On the daily, the yen hit an all time low Monday. A huge green candle may mean the Bank of Japan has intervened to stem further losses.

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Trading analysis written by Diana Rochford for Forexpros.

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