EURUSD Analysis – April 24, 2010

EURUSD’s downtrend from 1.5144 extends to as low as 1.3202 level. Deeper decline to 1.3000 to reach next cycle bottom on daily chart is still possible, and next cycle bottom is nearing. Resistance is now at the upper border of the falling price channel, and key resistance remains at 1.3817, a break above this level could indicate that the bearish movement from 1.5144 has completed at 1.3202 already.

For long term analysis, EURUSD is moving to 1.3000 area to reach next cycle bottom on weekly chart and the next cycle bottom is nearing, a break above 1.3817 will indicate that a cycle bottom has been formed.

eurusd daily chart