EURUSD Analysis – Sep 6, 2008

EURUSD breaks through the support of the up trend line from 1.1825 (Feb 27, 2006 low) to 1.3360 (Aug 16, 2007 low). Deeper decline is expected to 1.3700-1.4000 area next week. Initial resistance is at the down trend line on daily chart and key resistance is at 1.4908 level, only rise above the trend line resistance will signal consolidation to down trend.

For long term analysis, EURUSD is in long term bearish movement. Further fall could be seen to continue, and target would be at 1.3700 followed by 1.3000 level.

eurusd daily chart

eurusd weekly chart