EURUSD Analysis. Jan 16, 2008

EURUSD failed to test the previous high resistance at 1.4966 and pulled back from 1.4921 level. Consolidation can be seen before breaking above 1.4966 level, and rise above 1.4966 level is still possible after consolidation. Key support is now at 1.4638, only break below this level will signal the reversal to the up trend, and pullback towards 1.4309 is expected to follow.

For long term analysis, the pair is in consolidation of the long term up trend. Rise above 1.4966 previous high to reach the next long term cycle top on weekly chart is still in favor.

eurusd daily chart