Euro: The euro is making a quick move to its next short target at 1.3232, from its 50% short at 1.36536. The only next question is if it will rebound after hitting the target or if it will go through. Only when it rebounds can we determine the next move.

Pound. On the daily, the pound is currently between its short at 1.57186 and its long at 1.55216. We may expect further dollar weakness following the behavior of the euro. The long will be broken at 1.5475. The short's target is at 1.51384.

Yen: The dollar weakness has allowed for some strength in the yen and the yen has moved off from hugging its all time lows. The yen has broken its short it has been in at 77.181, and the next question is whether the next longer term short at 77.181 will hold it down.

Forex Analysis by Diana Rochford at ForexPros. com.