EURUSD Analysis – Jun 18, 2008

Being contained by 1.5284 previous low support, EURUSD rebounded from 1.5302. The rise is treated as consolidation to down trend. Deeper decline to 1.5000 area is still possible, and down trend will be confirmed by breaking below 1.5284 level.

For long term analysis, EURUSD broke below 1.5342 long term key support and formed a long term cycle top at 1.6019 on weekly chart. Deeper decline to 1.4500 area to reach the next cycle bottom is expected after correction.

eurusd daily chart