Euro Hitting Strong Short Resistance, Yen in Long Setup

Euro: On the daily, the euro is hitting resistance at a short at 1.43197, with a target at 1.39233, from the anchor at 1.4589 which has twice already acted as strong resistance into the next measured move short. On the other side of the trade, the euro is still in measured moves long from its low at 1.40474 and today came close to hitting its target at 1.43501 as seen clearly on the 15 minute chart. This is a tug of war point and direction needs to be decided.

Pound: On the daily, the pound looks to be an expanded range. The traditional short is at 1.63111 (line in sand at 1.63596), with a target at 1.60086, which would lead straight into the full 50% long at 1.60446.

Yen: On the daily, the yen hit its daily long target at 82.103 within the range its been in for over 8 months. The next 50% long is at 81.584, with a target at 82.548, this coincides with the 50% half way back at 82.548.




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