EURUSD Analysis – February 27, 2010

EURUSD remains in downward movement from 1.5144 and the bounce from 1.3443 is more likely consolidation of downtrend. Range trading between 1.3443 and 1.3838 is expected next week. As long as 1.3838 resistance holds, another fall towards 1.3300-1.3400 area is possible. However, above 1.3838 key resistance will indicate that a cycle bottom has been formed at 1.3443 level on daily chart, and the fall from 1.5144 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 possible in next several weeks.

eurusd daily chart