EURUSD Analysis – August 15, 2009

EURUSD is forming a cycle top at 1.4447 level on daily chart. Key support is now located at 1.4086, a break down below this level will confirm the cycle top. Then deeper decline could be seen to 1.3800-1.3850 area. However the price action from 1.4338 is more likely consolidation of uptrend from 1.2456, as long as 1.3748 support holds, further rise towards 1.4700 zone is possible after consolidation.

For long term analysis, EURUSD remains in long term uptrend from 1.2456, further rise to 1.5000 zone is expected in next several weeks.

eurusd daily chart