EURUSD Analysis – Aug 2, 2008

EURUSD is in down trend and the fall from 1.6038 extends further to 1.5515 level. Deeper decline is still possible to test 1.5302 previous low support. Initial resistance is at 1.5768, as long as this resistance holds, we’d expect down trend to continue.

For long term analysis, EURUSD broke below 1.5611 support and is back to sideways consolidation. Deeper decline towards 1.5000 level is now in favor.

eurusd daily chart