EURUSD Analysis – Mar 17, 2009

EURUSD breaks above 1.2991 key resistance, suggesting that the fall from 1.4719 has completed at 1.2456 level already. Further rally to 1.3200 zone to reach the next cycle top on daily chart is expected in next several days. Key support is now located at 1.2456, only fall below this level will signal resumption of the medium term downtrend from 1.4719.

For long term analysis, EURUSD is in range trading between 1.2329 and 1.4719. rebound to 1.4000 zone to reach the next cycle top on weekly chart would more likely be seen before breaking below 1.2329 previous low.

eurusd daily chart