EURUSD Analysis – March 24, 2012

EURUSD has formed a cycle bottom at 1.3003 on daily chart. The rise from 1.3003 is likely correction of the downtrend from 1.3486, as long as 1.3486 resistance holds, downtrend could be expected to resume, and another fall towards 1.2624 previous low is possible.

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