EURUSD Analysis – May 3, 2008

EURUSD is testing 1.5342 key support, consolidation will more likely be seen before breaking below this level, and rebound to 1.5650 area is expected. Key resistance is located at 1.6019, only break of this level will signal resumption of the long term 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