Home  Long Term Forex Analysis EURUSD Analysis - Feb 24, 2008
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EURUSD Analysis - Feb 24, 2008 |
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Written by ForexCycle.com
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Saturday, 23 February 2008 |
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EURUSD formed a cycle bottom on daily chart, and the consolidation from 1.4966 has completed at 1.4438 level. Further rise to test 1.4966 previous high resistance is expected, and breaking above this level to reach the next cycle top will more likely be seen. Near term support is at 1.4600 followed by the up trend line from 1.4309 to 1.4365, and long term resistance is at 1.4966 level.
For long term analysis, the pair is in sideways consolidation of the long term up trend. As long as 1.4309 long term key support holds, rise above 1.4966 previous high to reach the next long term cycle top on weekly chart is still in favor.
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