EURUSD Analysis - August 18, 2012

Long Term Forex Analysis | by ForexCycle.com | Saturday, 18 August 2012 04:16 UTC
EURUSD remains in downtrend from 1.3486, the rise from 1.2042 is treated as consolidation of the downtrend. Further rise to 1.2600 area to complete the consolidation would likely be seen. Key resistance is located at 1.2747, as long as this level holds, we'd expect downtrend to resume, and one more fall towards 1.1500 is still possible. Initial support is at 1.2240, a breakdown below this level could signal resumption of the downtrend.

For long term analysis, EURUSD is in downtrend from 1.4938 (2011 high). Further decline towards 1.1500 area could be expected over the next several weeks.

eurusd daily chart

Recommended Forex Trading Platforms

Forex Trading We know that the right opportunity can happen at anytime, anywhere. Saxo Capital Markets is committed to giving you a suite of platforms that will enable you to access your account and trade the markets whenever and wherever you want.


Subscribe to Newsletter

To receive alerts by email when Free Forex Analysis are updated. Enter your email address below.