EURUSD Analysis – Feb 9, 2008

EURUSD is forming a sideways consolidation in a range between 1.4309 and 1.4966. Further pullback to the up trend line from 1.4309 to 1.4365 to reach the next cycle bottom on daily chart could still be seen next week, and the next cycle bottom is nearing. Up term will resume after consolidation, and rise above 1.4966 previous high is still possible after consolidation.

For long term analysis, the pair is in sideways consolidation of the long term up trend. As long as 1.4309 long term key support holds, rise above 1.4966 previous high to reach the next long term cycle top on weekly chart is still in favor.

eurusd daily chart