EURUSD Analysis – June 23, 2012

EURUSD may be forming a cycle top at 1.2747 on daily chart. Key support is now located at 1.2500, a breakdown below this level will indicate that the downtrend from 1.3486 has resumed, then further decline towards 1.2000 could be seen. Resistance is at 1.2747, only break above this level will suggest that lengthier consolidation of the downtrend from 1.3486 is underway, then further rise to 1.2900 area is possible.

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