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EURUSD Analysis - Jun 14, 2008

Long Term Forex Analysis | by ForexCycle.com | Saturday, 14 June 2008 00:38 UTC

EURUSD is testing 1.5284 previous low support. If this support gives way, deeper decline to 1.5000 area to reach the next cycle bottom on daily chart could be seen. Initial resistance is at 1.5585, as long as this resistance holds, we'd expect down trend to continue.

For long term analysis, EURUSD broke below 1.5342 long term key support and is now in down trend. Deeper decline to 1.4500 area to reach the next cycle bottom on weekly chart is expected after correction.

eurusd daily chart

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