EURUSD Analysis - June 2, 2012

Long Term Forex Analysis | by ForexCycle.com | Saturday, 02 June 2012 08:57 UTC
EURUSD stays below a downward trend line on daily chart, and remains in downtrend from 1.3283, and the fall extends to as low as 1.2288. As long as the trend line resistance holds, downtrend could be expected to continue, and next target would be at 1.2000 area, only a clear break abovce the trend line could signal consolidation of the downtrend.

For long term analysis, EURUSD has formed a cycle top at 1.3486 on weekly chart. Further decline towards 1.1500 area is expected over the next several months.

eurusd daily chart

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