EURUSD Analysis. Jan 23, 2008

EURUSD formed a sideways consolidation in a range between1.4309 and 1.4966 to the up trend. It will move without trend in this range until the next cycle bottom on daily chart appears. Symmetrical triangle pattern will more likely be seen in the next several days, and the previous low support at 1.4309 may be held. Up trend will resume after consolidation, and 1.4966 will be broken above to complete the long term up trend.

For long term analysis, the pair is in consolidation of the long term up trend. As long as 1.4309 long term key support holds, rise above 1.4966 previous high to reach the next long term cycle top on weekly chart is in favor.

eurusd daily chart