EURUSD Analysis – February 20, 2010

EURUSD’s downward movement extends further to as low as 1.3443 level. Further decline is still possible next week and next target would be at 1.3300-1.3400 area. However, next cycle bottom is nearing, a break above 1.3838 key resistance will indicate that a cycle bottom has been formed on daily chart and the fall from 1.4579 has completed.

For long term analysis, EURUSD has formed a cycle top at 1.5144 level on weekly chart. Fall towards 1.3000 area to reach next cycle bottom is still possible in next several weeks.

eurusd daily chart