EURUSD Analysis – July 22, 2012

EURUSD continues its downward movement from 1.2747 and the fall extends to as low as 1.2144. Further decline is still possible over the next several days, and next target would be at 1.2000. Key resistance is now at 1.2350, only break above this level could signal completion of the downtrend.

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

eurusd daily chart