EURUSD Analysis – Feb 20, 2008

EURUSD formed a cycle bottom at 1.4438 and is now in up trend. Further rally to test previous high resistance at 1.4966 is still possible. Near term support is at 1.4600 followed by the up trend line from 1.4309 to 1.4365. Long term key resistance is at 1.4966, consolidation could be seen before breaking above this level.

For long term analysis, the pair is in sideways consolidation of the long term up trend. As long as 1.4309 long term key support holds, rise above 1.4966 previous high to reach the next long term cycle top on weekly chart is still in favor.

eurusd daily chart