EURUSD Analysis – May 16, 2010

EURUSD’s downtrend from 1.5144 extends to as low as 1.2353 level. Now the pair is facing the support of 1.2329 (Oct 28, 2008 low), below this level could trigger deeper decline to 1.1300 area. Resistance is now at 1.2750, as long as this level holds, downtrend will continue.

For long term analysis, EURUSD is testing 1.2329 previous low support, a breakdown below this level could target 1.1300 area.

eurusd daily chart