EURUSD Analysis – Oct 11, 2008

EURUSD’s down trend extends further to 1.3258 level. Initial resistance is now located at 1.3785, as long as this level holds, we’d expect down trend to continue and further decline is still possible next week, target would be at 1.3000 zone.

For long term analysis, EURUSD is in long term bearish movement, further fall towards 1.3000 zone to reach next cycle bottom on weekly chart is expected in a couple of weeks.

eurusd daily chart