EURUSD Analysis – July 15, 2012

EURUSD’s downward movement from 1.2747 extends to as low as 1.2162. Further decline is still possible, and next target would be at 1.2000. Resistance is at 1.2350, only break above this level will indicate that a cycle bottom is being formed on daily chart, and consolidation of the downtrend is underway, then further rise to 1.2500-1.2600 area could be seen.

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

eurusd daily chart