EURUSD Analysis – Apr 30, 2008

EURUSD broke below the ascending triangle pattern and reached as low as 1.5539. Further fall to 1.5400 area to reach the next cycle bottom on daily chart is still possible in the next several days, and a break below 1.5342 level will signal the reversal to the long term up trend. Key resistance is now located at 1.6019, only break of this level will turn price back to up trend.

For long term analysis, EURUSD is in long term up trend. Long term key support is located at 1.5342, a break of this level will indicate that the up trend from 1.4309 (Dec 20, 2007 low) has completed, and pull back to 1.4500 area is expected to follow.

eurusd daily chart