EURUSD Analysis – March 17, 2012

EURUSD is now in downtrend from 1.3486, and the fall extended to as low as 1.3003. Further decline is still possible after a minor consolidation, and next target would be at 1.2800 area. Resistance is at 1.3300, as long as this level holds, downtrend will continue.

For long term analysis, EURUSD is forming a cycle top at 1.3486 on weekly chart. Further decline towards 1.1500 area is expected over the next several months.

eurusd daily chart