Home  Long Term Forex Analysis EURUSD Analysis – Aug 13, 2008
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EURUSD Analysis – Aug 13, 2008 |
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Written by ForexCycle.com
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Tuesday, 12 August 2008 |
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EURUSD's down trend remains and the fall from 1.6038 extends further to 1.4815 level. Consolidation would more likely be seen in a couple of days, and deeper decline to 1.4500 is still possible after consolidation. Initial resistance is at 1.5100, as long as this resistance holds, we'd expect down trend to continue.
For long term analysis, EURUSD broke below 1.5284 (May 8 low) support and formed a double top pattern on weekly chart. Deeper decline towards 1.4500 level to reach next cycle bottom on weekly chart is now in favor.
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