Home  Long Term Forex Analysis EURUSD Analysis – Aug 16, 2008
|
|
|
|
EURUSD Analysis – Aug 16, 2008 |
|
|
|
Written by ForexCycle.com
|
|
Friday, 15 August 2008 |
|
EURUSD's down trend from 1.6038 extends to 1.4660 level. Further fall towards 1.4500 is in favor next week. Initial resistance is located at 1.4985, only rise above this level will signal consolidation to down trend.
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 1.4000 level to reach next cycle bottom on weekly chart is now in favor.
Previous Long Term Forex Market Analysis
|
|
Recommended Forex Trading Platforms
 |
A 90 day demo account helps you build up your trading confidence with ample time and capital before entering a live environment. From US$5,000 up to US$ 5,000,000 to trade in virtual money, get direct access to the world's FX markets at no risk or obligation with our powerful, user-friendly online trading platform - the MIG Trading Station. |
|
