EURUSD Analysis – Mar 30, 2008

EURUSD is testing the previous high resistance at 1.5902, as long as this resistance holds, the rebound from 1.5342 is treated as correction to the down trend. However, a break of 1.5902 level will signal the resumption of the up trend and further rally to 1.6500 area is expected to follow.

For long term analysis, EURUSD is forming a long term cycle top at 1.5902 level on weekly chart. Long term key support is now located at 1.5342, a break below this level will indicate that the long term up trend from 1.1639 (Nov 2005 low) has completed, and pull back to 1.4000 area is expected to follow.

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eurusd daily chart