EURUSD Analysis – October 8, 2011

EURUSD’s downward movement from 1.4548 extended to as low as 1.3146, the subsequent bounce is likely consolidation of downtrend. Further fall is expected next week, and next target would be at 1.3000 zone. Resistance is at 1.3700, as long as this level holds, downtrend will continue.

For long term analysis, EURUSD is downtrend from 1.4939. Further decline towards 1.2000 is expected in next several months.

eurusd daily chart