EURUSD Analysis – April 18, 2009

EURUSD breaks below 1.3089 support and the fall from 1.3738 extends further to as low as 1.3017 level. Deeper decline is expected to 1.2750 or even lower. As the next cycle bottom is nearing, rebound would more likely be seen before breading below 1.2456 level. Key resistance is now at 1.3392, above this level will indicate that the fall from 1.3738 has completed.

For long term analysis, EURUSD is forming a sideways consolidation in a range between 1.2329 (Oct 28, 2008 low) and 1.4719 (Dec 18, 2008 high), moving without trend in this range is expected in next several months.

eurusd daily chart