EURUSD Analysis – March 20, 2010

EURUSD is forming a cycle top at 1.3817 level on daily chart. Key support is located at 1.3435, a break below this level will confirm the cycle top and indicate that the long term downtrend from 1.5144 has resumed, then next target would be at 1.3000-1.3200 area. Resistance is at 1.3817, only rise above this level will suggest that the pair remains in lengthier consolidation of downtrend.

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