EURUSD Analysis – July 19, 2009

EURUSD stays in a trading range between 1.3748 and 1.4338. Moving sideways without trend in the range is expected next week. Near term resistance is at 1.4197, and key resistance is at 1.4338, a break above 1.4338 level will suggest that the uptrend from 1.2456 has resumed, then further rally could be seen to 1.4800-1.5000 area. However, fall down to 1.3500 zone would more likely be seen after the sideways consolidation.

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