EURUSD Analysis – June 27, 2009

No changed in our view, EURUSD has formed a cycle top at 1.4338 level on daily chart. Drop to test 1.3748 support is expected next week, a break down below this level will signal deeper decline to 1.3400 zone. Key resistance is at 1.4338, only break above this level will indicate that the uptrend from 1.2456 has resumed, then further rally could be seen to 1.4800-1.5000 area.

For long term analysis, EURUSD might be forming a cycle top at 1.4338 level on weekly chart. Key support is located at 1.3748, a break below this level will confirm the cycle top.

eurusd daily chart