EURUSD Analysis – Sep 17, 2008

EURUSD is forming a sideways consolidation in a range between 1.3881 and 1.4481. Further fall is still possible to 1.3500 after consolidation, and a break below 1.3881 will signal resumption of down trend. Initial resistance is at 1.4481 followed by 1.4705 level. Only rise above 1.4705 will indicate that the down trend from 1.6038 has completed.

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