EURUSD Analysis – July 11, 2009

EURUSD stays in a trading range between 1.3748 and 1.4338. Fall down to test 1.3748 key support is possible next week, a break below this level will signal deeper decline to 1.3500 zone. Near term resistance is at 1.4197, and key resistance is at 1.4338, only rise 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