EURUSD Analysis – Sep 14, 2008

EURUSD rebounded from 1.3881 level. Sideway consolidation would be seen in next several days. Initial resistance is located at 1.4400, as long as this resistance holds, we’d expect down trend to resume, and further decline is still possible to 1.3500 zone after consolidation. A break down below 1.3881 level will confirm the resumption of 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 1.3500 followed by 1.3000 level.

eurusd daily chart