EURUSD Analysis – July 4, 2009

EURUSD traded in a range between 1.3748 and 1.4338. Further fall to test 1.3748 key support is possible next week, a break below this level will signal deeper decline towards 1.3500 zone. Near term resistance is at 1.4200 and key resistance is at 1.4338, only rise above 1.4338 previous high will signal further rally 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