EURUSD Analysis - March 6, 2010 Bookmark and Share
Forex Market Analysis  |  Written by ForexCycle.com |  Saturday, 06 March 2010 04:30 GMT
EURUSD might be forming a cycle bottom at 1.3435 level on daily chart. Range trading between 1.3435 and 1.3838 is expected next week. Resistance is at the falling trend line from 1.5144 to 1.4579, key resistance is at 1.3838. As long as 1.3838 resistance holds, one more fall to 1.3300-1.3400 area is possible. However, above 1.3838 could indicate that the fall from 1.5144 has completed at 1.3435 already, then the following uptrend could bring price to 1.4500 area.

For long term analysis, EURUSD has formed a cycle top at 1.5144 level on weekly chart. Fall towards 1.3000 area to reach next cycle bottom is possible in next several weeks.

eurusd daily chart
 

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