EURUSD Analysis – May 14, 2011

EURUSD’s fall from 1.4939 extended to as low as 1.4067. The pair is now in downtrend. Deeper decline could be expected next week, and next target would be at 1.3800. Resistance is at 1.4350, only break above this level will indicate that minor consolidation of downtrend is underway, then the following upward move could bring price to 1.4500-1.4600 area.

For long term analysis, EURUSD had formed a cycle top at 1.4939 on weekly chart. Further fall towards 1.1500 is possible in next several months.

eurusd daily chart
eurusd weekly chart